Anyone do this? I am getting hit by covid at some college rentals due to online classes - many students are staying at home. In a nutshell how does this work?

1. Does it affect your credit?

2. Are there penalties? I do not care about interest - I would delay may payments as long as possible knowing interest is still being charged.

If you can't make the mortgage payments, I am not seeing a lot of options, so it doesn't matter much what it does to your credit. It can't be as bad as a foreclosure.

Most banks are letting you skip mortgage payments. Bigger banks like Chase have a link on their website to do so.

"we can't help you unless you miss payments". We have a "program" but can't get you into it unless your delinquent.

I fought this for 2 years with WAMU. Finally gave in and missed 24 payments-- to get access to the PROGRAM. (Credit score was 840)

They immediately reported us to the credit bureau as delinquent on 24 mortgage payments-- and issued this to us.

"WE CAN'T HELP YOU UNTIL YOU MAKE THE PAYMENTS" IN THE mean time they reported and our score went below 500. We promptly responded we were not playing that type of game and hired an atty. I won't tell you what happened to our CCards and limits changed.

We hired the best BK atty in ATL and threatened suit. We read one of the letters he wrote to WAMU/NOW CHASE and I felt bad for whoever received it. it was AWESOME.

Due to the tactic used we got many property's back-- penny's on the dollar but the important thing to remember for you all is be cautious with this offering.

Avoid any Govt programs. There's always fine print that is never fine for you. Even if there isn't any, Govt is notoriously slow, inefficient, and constantly changing the rules.

Google "Have any PPP loans been forgiven" and see what you find.

I used the forbearance program when it first came out. Nothing appeared on credit reports, but monthly mortgage bills contained payment history showing missed forbearance payments. Some billing statements indicated forbearance status. About 2 months into this time period, rates started dropping and primary residence refinancing became advantageous.

I was rejected for refinancing while the forbearance appeared on mortgage bills. So I paid up all forbearance accounts and opted out of the program. Since banks required 3 to 4 mortgages bills, I waited some 4 additional months to get mortgage bill without a missed payment history or forbearance status noted. Luckily rates continued to go down.

But several lenders specifically asked if I had been in forbearance, so I had to say yes. Then it was provide documentation of program entrance rules, document that I had formally entered the program, formal documentation of exiting the program, documentation that lender acknowledged & accepted that I had exited the program, documentation that all payments had been caught up, documentation that all accounts were current, documentation that funds for 4 future month payments was available, plus some other documentation that I've forgotten about.

In the end a lender refi'ed my primary residence loan.

I can't be much assist for you.

The program that I was getting help from was specific for the residents. The way I see it is it in my best interest in not having residents wash out - and if they do, provide them with a soft landing.

Since you are dealing in college rentals, I don't think that really applies to you. It is a solid niche that you are in NORMALLY.