$10,000 EIDL GRANT

The way I heard it, congress passed a law, requiring 90 days moratorium on late pymt credit reporting. So it’s a given. Not up to them. All you have to do is request a forbearance, I did mine today. Payment due 16th. May not be officially approved by then. But is all but guaranteed to be approved. The rest will probably get mandated later. Reworking payments, or deferral. Otherwise the foreclosure rates going to be 30% or ? Who knows. That’s the last thing banks want. Last crisis was only 6% rate, vs. a normal rate of 1%. I’m sure my facts are off, but that’s the general idea.

 

I thought I read, any "Fannie" or "Freddie" loan is eligible for a 90 day deferment, just for asking. No penalties or fees.

 

Just for kicks I checked out mine (quicken loans/rocket mortgage) and quick answer of 7 or so questions gets you approved for forbearance. Until July 31, though payment is expected in full at the end. I would think adding the payments on the back end would be ideal. Makes me wonder who reads or understands the fine print.

 

Yes, the Treasurer is not being very clear about the small business.

Any time someone tries to pin him down he goes into things no one can understand. And the banks are not sure what they want either. But they do not want their own money going out as it were.

 

I’m surprised they said order an appraisal paid by borrower, that’s half a pymt. alone. My lender didn’t mention anything except the law passed 3-27, I believe is the date they gave Me. Worth looking into. Meanwhile unemployment in my state was expanded to self employed starting today. The site crashed.

 

It’s like all this stuff,you have to be a Philadelphia Lawyer to weed through it. Sure over simplified upfront, but full of loopholes.

 

Normally when a house payment is missed, you have a right to make up past payments, along with penalties. I forget the term, don’t really want to relive the details. But same idea here, except the law protects your credit rating. They can’t report it for 90 days. So worst case scenario. Yes 4 mo. Pymts will be due, at once, my mortgage company said deferral or rework will be considered possibly. I doubt it’s out of the kindness of their hearts. It’s either to protect themselves from overwhelming foreclosures or maybe on the horizon, as a future mandate. I think it will have to be mandated. To keep from crumbling to ashes.

 

Or they might be figuring on another housing boom at the end of all this. Then, your foreclosure becomes someone elses' windfall (at a moderate market increase, of course)

Fight like heck to make those payments now! Don't accept a forbearance, make those payments on time now. Or start packing everything up now and looking for a new home. The banks are NOT your friends, they will ALWAYS look for the most profitable route.