tigerswood
Well-known member
what other mortgage/rental assistance programs, if any, did the $2 trillion relief package create?
serious question, links appreciated
None really that I'm aware of. Moratorium on foreclosures (this will be needed for much longer than 4 months).
The temporary forbearance works much better if those payments are lumped onto the back end of the loan, I agree. However, there probably needs to be some sort of documentation of hardship rather than the current system where you can literally just go online/call in and verbally verify you've been affected. I misspoke earlier by the way. We're up above 4% of our portfolio on the COVID forbearance plan in barely over a week.
But the government entities that guaranty the loans have to forgive/defre those payments from mortgage companies as well, or virtually all servicers would go bankrupt in 4 months. That is being discussed, as I understand. Seems so simple, I'm sure they'll screw it up.
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