The Difference between Mortgage Forbearance and Mortgage 延期

第一服务信用合作社
3/31/2021 12:00:00 AM - 4分钟. 读

In recent years, many Americans have experienced some form of financial hardship. Sometimes, these hardships can hamper our ability to repay loans or other debts. In these cases, most financial institutions have options for borrowers to pause or defer payments. These alternatives have become especially important for homeowners, as mortgage forbearance and mortgage deferment plans have proven to be the only options for those who have found themselves unable to keep up with their financial obligations. Let’s take a deeper look at both mortgage forbearance and mortgage deferment to understand how each works and their differences.

 

什么是按揭延期?

Forbearance pauses or reduces the mortgage payments a borrower must make each month to their lender or loan servicer. Forbearance typically requires proof of hardship as well as an approval process by the lender. 虽然大多数困难都是经济上的, borrowers may qualify for forbearance due to extenuating circumstances like a natural disaster or the COVID-19 pandemic. 事实上, the CARES Act of 2020 provided a mortgage forbearance option for millions of Americans with 政府ernment-backed 抵押贷款类型包括退伍军人管理局、联邦住房管理局和美国农业部的贷款.

While delaying the due date may be a financial lifesaver for some borrowers, it’s important to remember that forbearance does not mean forgiveness. Payments the borrower misses during a forbearance period still must be paid back at a later date. 然而, lenders will generally work with borrowers to identify manageable repayment options. Each lender may have their own criteria for determining whether borrowers qualify for forbearance, so it’s important to contact to them directly during a period of hardship to discuss whether you might be able to participate in a forbearance program.

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Pro-Tip: If you regularly struggle with your mortgage payments, 再融资抵押贷款 may provide a better long-term solution than either forbearance or deferment.

 

忍耐会损害我的信用吗?

如何忍耐 影响你的信用评分 取决于几个因素. 例如, if you qualify for forbearance as a part of a 政府ernment program, such as COVID-19 relief or an emergency order, there should be little to no effect on your credit. Financial institutions may be restricted on what they are able to report to credit bureaus in these instances. 然而,情况并非总是如此. If you enter into a mortgage forbearance agreement with a private lender, they will likely report the event to the credit bureaus. Just remember that any potential damage to your credit due to a forbearance on your mortgage will be far less severe than delinquent payments or even a foreclosure.

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Pro-Tip: If your mortgage is delinquent before beginning the forbearance period, it may continue to be reported as delinquent until you can bring your account back to good standing. To avoid this issue, make sure your loan is current at the time you initiate the forbearance.

 

What Can You Do When the Forbearance Period Ends?

If you do participate in a forbearance period, you will eventually need to repay the missed payments.. When discussing repayment of your forbearance, your lender may present several options:

  • 恢复: allows you to pay the entire amount in a single lump sum.
  • 一个还款计划: allows you to pay the amount back in installments over a set period of time. 这将是 类似于签字贷款 还有你剩余的抵押贷款付款.
  • 贷款修改:更改原贷款的条款, typically adjusting either the amount owed each month or the loan's term.
  • 延期: allows you to pay the owed amount at the end of your loan. Mortgage deferment can be collected either when you pay the mortgage in full or when you sell your home.

 

什么是按揭延期?

延期 is the practice of adding the amount not paid during a forbearance period to the end of a loan. It can be an excellent option for borrowers coming out of forbearance without a way to repay the missed payments. Similar to forbearance, lenders generally determine the deferment qualifications. Typically, a borrower must apply for a deferment before their forbearance period ends.

 

延期会影响我的信用吗?

延期 on a loan that is not delinquent shouldn’t have either a positive or negative impact on your credit. 当然, each lender may have their own practices for reporting deferments to credit bureaus, so it’s worth discussing before entering into an agreement. 然而, skipping or delaying a payment without approval from your lender will almost always hurt your credit score.

 

按揭延期的利与弊

There are several potential benefits to deferring your mortgage, but there may be drawbacks as well. 以下是一些需要考虑的事情:

优点

  • You can defer the amount you owe to the end of your loan.
  • The lender may still observe teh original terms of your loan.
  • 延期不应该影响你的信用评分.

缺点

  • You still owe principal and interest amounts in full.
  • If you sell your home, the lender will take the money you owe from your portion of the sale.

 

How to Make the Best Decision for Your Financial Future

当涉及到你未来的财务状况时, charting the right course can feel overwhelming – especially if you’re in the middle of a financial hardship. 幸运的是, tools like mortgage forbearance and deferment exist to help borrowers navigate through their most difficult seasons. If you’re struggling to get your monthly expenses under control, the best way is to 偿还债务. 说起来容易做起来难,但是 通过仔细的预算 以及一些战略规划, you should be able to start making progress on eliminating monthly expenses and freeing up your money.

 

 

房主的选项

如果你有自己的家, you understand that it’s probably the largest financial investment you’re ever going to make. It can also be your safety net when times get tough – especially if you’ve lived there for a while. Remember, as you’ve made payments on your home over time, you’ve built up equity. 你也许可以 将你的权益套现 at any point with a home equity loan or by 再融资抵押贷款.

在第一服务,我们提供几个 千亿平台的选择 来帮助你最大程度地拥有自己的房子. Whether it’s getting you the right mortgage to purchase your dream home, refinancing an existing mortgage to make it work for you, 兑现你的房子的现有资产, or getting money to make improvements to your home, 我们的团队, 知识渊博的顾问可以提供帮助. 请从下面的表格开始!

 

 

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