JUST IN! Banks RUINING Customers who Request Forbearance!

190420 Like and subscribe. This is an archive, check the link in the end if you are owner. Banks are ruining customers. Investing & Negotiating, use 32% off code ⚠️MoneyFromHome⚠️ expires 4-30-2020 https://metkevin.com/program 🦠Life: https://metkevin.com/ladder 💰Free Stocks: https://metkevin.com/webullShow more

Bill: https://www.congress.gov/bill/116th-congress/house-bill/748/text

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Mortgage forbearance isn't supposed to affect your credit score. According to the CARES Act (stimulus package 2), your credit score should be protected from impacts as long as you were current when you agreed to forbearance. Unfortunately, mortgage borrowers may be getting tricked. 2.9 million people have already applied for mortgage forbearance - and we're not even a full 30 days behind on April 1 payments yet, which means the actual number of people applying and requesting forbearance may be as high as 7 million over the next 3 months. This sets up a devastating credit consequence when it comes time to request a loan modification or loan deferment.

Will mortgage forbearance affect your credit? Even though the CARES act requires that your credit be protected during a forbearance plan, lenders appear to be adding remarks to customer's credit profiles WHILE reporting customers as current, BUT those remarks are being picked up by reporting agencies - leading to credit scores suffering large declines. Some have reported credit scores dropping as much as 75 points by entering into forbearance INSTANTLY.

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