I should be better at it.  You may want to have a zoom call in the rain again on it.

Yes. I am.   I know someone who called their lender just to "inquire" about payment options and the person at the servicing AUTOMATICALLY, from an inquiry only, threw the file into forbearance and sent them paperwork to complete.  The online account was "frozen" and they could not make their payment online until the cluster you know what got cleared up! 

This was when COVID first hit the US and things started shutting down.

yes, just read something from CoreLogic on the issue. Most people are going to have to decide soon which way they want to go as this is now over a year.

I know enough to be dangerous... have not had to deal with either issue with my own clients thus far.

Every lender and servicer offers a potpourri of plans, or none.  I ask borrowers before they start if they are in forbearance, and I have yet to find one person who says yes they are but on day one it shows on their credit report. Then the uncomfortable phone call about how I'm similar to a priest.   

People cannot refinance (or get a new mortgage) with Fannie/Freddie/FHA/USDA/ Va and get a lower rate while in the forbearance. They need to notify servicer/lender to end the forbearance and make three months regular payments on time to get a new government backed loan.

Non QM investors have a variety of rules from: a) bring it current and we can do a loan right away b) end the forbearance and pay 12 payments c) allow borrowers to cash out the amount either in arrears or added to the end term

I have not seen any "deferment contract", seen 91 forbearances in the past year.

This should get very interesting soon .

Although I don’t think O’Biden will allow massive Foreclosures to occur

Having done it briefly and successfully in 2020, I know it very well. Having sold many homes of clients who did it to varying degrees of success, I know it even better the last 10 months.

We have yet to see the effects of the forbearance that has been granted to some homeowners regarding their mortgage payments.

nope, just up to date on my mortgage payments

nope, no mortgage, no cares

Retirement has a way of letting things slip from memory 

These are important issues to understand properly; yes, I am pretty much up to speed. In any case, all documents should be examined carefully.

Nope.