Wtf is going to happen when they stop the extensions? Prob 9/10 homeowners I know haven't touched their mortgage payments since covid started. How are we supposed to get our credit in check with all that shit to pay off? These thoughts keep me up at night 😔
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I work in mortgage..we asked fed agencies upfront how it was going to be handled at the back end...they hadnt planned it yet...at that point we knew those ppl would be fucked.
If you got forbearance..you can NOT pay it off with a refi. You ha e to paythe full balance off from own funds...
For a $200,000 mtg..payment is about $1,00 per month....if you are out for 12 months...how the fux are those ppl gonna pony up $12,000cash to bring their mortgage current? Answer is..they arent. There will be a glut of for sale or foreclosures