Barb Schlinker The Real Estate Voice

Segment 4The CARES Act: Allowed People to Skip their House Payments for Up to 1 Year - How it Impacts Those BorrowersBarb Schlinker Radio Show719-301-1802 | 719-301-3900Your Home Sold Guaranteed Realty Colorado#coloradosprings #yourhomesoldguaranteedrealty #barbschlinker #realestatevoiceBarb, why would someone who has a mortgage want to know who owns their loan?1. Because they may not have the protections of the Cares Act if their loan is held by a private companya. Fannie Mae – Conventional Loansb. Freddie Mac – Conventional Loansc. FHA – FHA Loansd. VA – VA Loanse. Normally if a house payment is missed, it will drop your credit score by about 100 points.The other issue is that you cannot get another mortgage for at least 1  year.With them putting that NOTE on your credit about Forbearance, it has the same affect, no new mortgage for at least 1  year.I also read that they can get a new loan, meaning refinance after they have gone back to making payments for 3 months.Either way, it’s a tough situation, giving