I am totally in shock. I've been reading the last few days where several banks are allowing folks to skip mortgage payments for a few months. We have our mortgage with U.S. Bank. I went online and in about 10 minutes, located their Mortgage Assistance button, pressed it, entered the requested info and in literally no time, they suspended my mortgage payments FOR SIX MONTHS!!! This is NOT a scam, this is my personal experience. Give it a try. The worst that can happen is they say no. Good luck!
What this does in just extend your loan for six months, and depending on the EXACT WORDING IN THE Proposal, Interest may still accrue and compund, or not... Check the wording, on Interest, VERY Carefully... but still for those laid off, or on reduced hours, it is likely a Good Deal...
Nice touch, if they forego the interest (doubtful) . Glad to see that the banks are trying to get part their squeeze blood from a turnip image. I suppose if I still had a note, I would check...we paid ours off over 15 years ago.
Just know that though the payments may be suspended, you still have to make them up. It's not forgiveness, and they aren't tagged to the end. At the end of the forbearance, you must come up with a repayment plan.
Yes to almost all of the above. My understanding is that interest will continue to accrue and payments will be extended at the normal end of the loan to cover this. My timing for retirement really sucked. I pretty much left work the end of December....right at the very beginning of this craziness. We factored everything in, especially selling our one place (paid off) and using part of that to pay off our new place, and having a bit of slack using our investments. Terrible timing so far. But this will definitely help.
A bank? Forego interest? My God! I hope not! We'd have a regular Zombie Apocalypse as every dead banker in the world crawled rotting from the grave and started lurching around trying to find every cent of that lost interest--and eat the brains of every living banker they could get their moldering mitts on in the process.
JUST WATCH the small print..............around here "no cutoffs on your power for 6 months." BUT at the end.............ALL OF IT IS DUE
If I had one, I'd keep paying it. The fine print has to be suspect, and likely contains one of the reasons that those of us with no mortgage don't look for some kind of equalizer.
