Why You May Not Want to Defer Your Mortgage Payment

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If you are thinking about not paying your upcoming mortgage payment – that might be a bad idea. I don’t know what is going on in your neck of the woods, but here in California, “Eligible homeowners would be able to defer mortgage payments for at least three months and perhaps longer if they suffer hardship due to the pandemic. Any late payments would not be reported to credit agencies.” Read the L.A. Times article here.

I was talking to my mortgage broker, Jeff Schlesinger. He said that despite what the Governor says, Fannie Mae disagrees. Who you gonna believe? Jeff continued:

“If you are looking at the possibility of deferring payments for a mortgage loan, and you are in the middle of, or considering a mortgage transaction in the next 24 months… STOP!  DO NOT DO IT! This will absolutely impact your ability to borrow!

Per the new Fannie Mae Guideline – The deferred mortgage payment program will only allow you to defer payments if you are ALREADY DELINQUENT. That means, you WILL HAVE A DELINQUENCY on your credit report, and it WILL PREVENT YOU from being able to borrow in the future.”

If you have questions about this, or any other mortgage related question, contact Jeff at Jeff@JeffSchlesinger.com. He’s fast, a good communicator, and is not paying for this post.

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