{"id":17130,"date":"2020-09-24T17:42:09","date_gmt":"2020-09-25T00:42:09","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=17130"},"modified":"2020-09-24T20:24:07","modified_gmt":"2020-09-25T03:24:07","slug":"mortgage-refinancing-and-forbearance-three-balls-you-walk-one-strike-and-your-out","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17130\/mortgage-refinancing-and-forbearance-three-balls-you-walk-one-strike-and-your-out\/","title":{"rendered":"Mortgage Refinancing and Forbearance: Three Balls, You Walk, One Strike, You’re Out"},"content":{"rendered":"

\"\"One of the most consistent of the “old school mortgage bloggers” is Rhonda Porter in Seattle, writing over on The Mortgage Porter<\/em><\/a>.\u00a0 She offers no-frills information about mortgage markets, the kind of straightforward advice homeowners need.\u00a0 Her blog is almost 15 years old.<\/p>\n

I wanted to advise current homeowners why they should not accept the mortgage forbearance program, unless they drastically needed it and regret that I didn’t back in March.\u00a0 The mortgage forbearance program was offered as a “no penalty”\u00a0 break for homeowners– ask to suspend your payments and it’s automatically granted without any hit to your credit score.\u00a0 While that<\/em> <\/strong>part was true, many of my past clients found out that nobody would refinance their loan to a lower rate while they were in forbearance (it kinda makes sense, right?)<\/p>\n

Fannie\/Freddie offered specific guidance a few months ago; I’ll let Rhonda explain it<\/a>:<\/p>\n

Fannie Mae and Freddie Mac offered clarity with their new guidelines this week. If you currently have a conventional mortgage, it is a Fannie Mae or Freddie Mac mortgage. Basically, if you opt for the forbearance program that\u2019s being offered due to covid-19, then you may not be able to get a new mortgage until you have have made three months of on-time mortgage payments. If a borrower has stayed current with their mortgage, they may still be eligible for new mortgage. There may be some variances with this depending on what type of forbearance program you have entered into as well as lender underwriting overlays.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

One of the most consistent of the “old school mortgage bloggers” is Rhonda Porter in Seattle, writing over on The Mortgage Porter.\u00a0 She offers no-frills information about mortgage markets, the kind of straightforward advice homeowners need.\u00a0 Her blog is almost 15 years old. I wanted to advise current homeowners why they should not accept the […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-17130","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":16638,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16638\/va-interest-rate-reduction-loans-irrl-and-forebearances\/","url_meta":{"origin":17130,"position":0},"title":"VA Interest Rate Reduction Loans (IRRL) and Forbearances","author":"Brian Brady","date":"August 21, 2020","format":false,"excerpt":"A VA Interest Rate Reduction Loan (IRRL) is a streamlined refinance mortgage which allows veterans to lower their interest rate and payment without an appraisal, income qualification, or assets documentation.\u00a0 It is a simple process which, over the years, has been subject to lender overlays but still offers veterans a\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17256,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17256\/the-real-estate-correction-of-2021\/","url_meta":{"origin":17130,"position":1},"title":"The Real Estate Correction of\u00a02021","author":"Brian Brady","date":"October 6, 2020","format":false,"excerpt":"Over 13 years ago, I tried to explain how mortgage securitization would cushion losses to investors and lessen the negative effects of mortgage defaults to real estate prices: Basically, the Titans of Wall Street never had to answer for the performance of these loans because the money managers wanted that\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/10\/tim-mossholder-DZcZ4Kskq6U-unsplash-1-480x320.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":17333,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17333\/overnight-news-heard-any-good-jokes-lately\/","url_meta":{"origin":17130,"position":2},"title":"Overnight News: \u201cHeard any good jokes lately?\u201d","author":"Greg Swann","date":"October 20, 2020","format":false,"excerpt":"Can't seem to get a grip on the news? Can't quite put your finger on the problem? Feeling overexposed, despite your isolation? We've got you covered \u2013 everything but your lap top: CNBC: Homebuilder sentiment sets another record high in October. The Valley of the Ever-Fecund Sun is festooned with\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4858,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4858\/will-mortgage-brokers-be-the-hope-for-homeowners\/","url_meta":{"origin":17130,"position":3},"title":"Will Mortgage Brokers Be the Hope For Homeowners?","author":"Brian Brady","date":"October 8, 2008","format":false,"excerpt":"The FHA Hope For Homeowners program was designed for existing homeowners, struggling with mortgage payments and an \"upside-down\" equity position in their primary residence.\u00a0 It is a new program with lots of misinformation.\u00a0 Some believe it can only be offered by existing loan servicers, some think only participating lender\/servicers can\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13891,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13891\/a-new-year-and-the-looting-of-the-american-people-continues-unabated\/","url_meta":{"origin":17130,"position":4},"title":"A new year and the looting of the American people continues unabated.","author":"Tom Johnson","date":"January 3, 2011","format":false,"excerpt":"BofA Settles GSE Buyback Requests for Pennies on the Dollar According to this MND article, Obama appointee, FHFA acting director Edward DeMarco just handed Ally bank, formerly GMAC Bank and Bank of America potentially a total $300 billion windfall. 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Buckle up: It's about to get 2020 on\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=17130"}],"version-history":[{"count":5,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17130\/revisions"}],"predecessor-version":[{"id":17136,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17130\/revisions\/17136"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=17130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=17130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=17130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}