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Thread: COVID-19 Mortgage Payment Relief: What’s Available to You

  1. #41
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    I see this as an absolute last resort option, there's such confusion and it'll just cost you more.
    Originally posted by SJW
    Once again another useless post by JRSCOOLDUDE.
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    Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.
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    I say stupid shit all the time.
    ^^ Fact Checked

  2. #42
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    Quote Originally Posted by JRSC00LUDE View Post
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    I see this as an absolute last resort option, there's such confusion and it'll just cost you more.
    Yup.

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    Any one else feel like applying for a deferal is a pretty strong signal to the bank that you are way more of a credit risk than they thought. Might seem a bit blunt but I could really see this being a problem.

    Sure it might work out short term here, defering some bills, but come renewal a few years out if I was a lender I would want these people off my books as fast as possible. Heck I wouldn’t put it past them to ask people point blank if they deferred their mortgages during this situation and hit them with some extra points of interest for it.

    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
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    fact.
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    guessing who I might be, psychologizing me with your non existent degree.

  4. #44
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    My cousin is with BMO and was able to get 6 months deferred. He said they didn't ask for any proof at all, just a pretty quick phone call and that's it.

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    Still a sketchy risk if your mortgage reports to your bureau... lots of volume, things can get missed... and it would be a giant PITA to try and get an M5 removed... welcome to alt lending if that’s the case! ...or stuck with shitty renewal offers from current lender

  6. #46
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    Just preemptively had a discussion with our mortgage company (Centric) and they mentioned the current situation allows full deferral for up to two months.
    They will add the total missed amount onto the end of the mortgage term and it will be added to the principal amount of renewal.

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    When this is all over, watch for the news articles on the issues people who deferred payments are facing. I for one, am not going to feel bad for those who tried to take advantage of something they did not need.

  8. #48
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    Quote Originally Posted by ercchry View Post
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    Still a sketchy risk if your mortgage reports to your bureau... lots of volume, things can get missed... and it would be a giant PITA to try and get an M5 removed... welcome to alt lending if that’s the case! ...or stuck with shitty renewal offers from current lender
    I called TD on behalf of our company. They stated that the application for relief would not impact ones credit.

    He did suggest that's not the same for every bank so a YMMV situation.

  9. #49
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    Quote Originally Posted by Chandler_Racing View Post
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    I called TD on behalf of our company. They stated that the application for relief would not impact ones credit.

    He did suggest that's not the same for every bank so a YMMV situation.
    ...if everything is inputted properly. There is serious pressure on these people right now. We just had one of our all stars go down yesterday from overworking... she was sleeping maybe 4hrs and just working non-stop (weekends too) since we started taking these calls

  10. #50
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    Some details regarding TD's mortgage deferral:

    - Interest will continue to accrue during the payment deferral on the outstanding balance of the mortgage loan at the current annual interest rate and will be added to the outstanding balance on each scheduled principal and interest payment date.
    - The payment deferral will increase the amortization period and the outstanding balance of the mortgage loan.
    - The payment deferral may also change the trigger rate if the mortgage loan is a variable interest rate mortgage loan.
    - Since a payment deferral may increase the amortization period, we may adjust the amortization period at renewal.
    - If we are paying your property taxes on your behalf, and we approve your request to waive the property tax payment, we may need to adjust the property tax payments later. If your property tax payment amount is adjusted, the new amount will start when the payment deferral period is completed.
    - Unless deferred by TD, property taxes and credit protection insurance premiums, if applicable, will continue to be paid by you during the payment deferral period
    - If approved, an amendment letter will be sent confirming the payment deferral and any changes to the mortgage loan agreement.

    @ercchry can you explain the line regarding the trigger rate?

  11. #51
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    On a true variable (not adjustable which most advertised variables actually are) the payment does not change, so if the rate increases to the point (or in this case just overall owed interest due to deferring the payments) where the monthly interest charge exceeds the payment, then your monthly payment will be adjusted

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