Hello,
First off, thank you to all who has assisted me in the past. Your knowledge has helped me and my family greatly, but I have another crisis here.
The short version - My mortgage company offered me a forbearance to assist me through the COVID shutdowns, in which we really needed like many others. The terms that was presented to me via verbal and email was, my mortgage payoff time will be extended per the duration I am in forbearance. I interpreted that as, if I have 1 year left to pay off my loan, I would now have 1 year 9 months, or 1 year 6 months, pending the forbearance duration.
Things have finally turned around for us. My wife is getting more hours, and I am getting a better paying job come January, so we are going to cancel the forbearance and start on our mortgage payments again in January. Well, I received a call from the banks collection agency indicating my past due loan amount. I informed him that my account is currently in forbearance, but I am going to cancel it and resume payments in January. He stated that I will have to pay them $12,096.37 for the back payments that were missed during the forbearance by January 16th to avoid foreclosure proceedings.
I told the rep that I do not have that kind of money in my account which is why I went into a forbearance to begin with. I also stated that I received an email that provided me with the terms of the forbearance, and this was not the deal once canceling it. He then indicated that I can contact their financial advisory team that can review my account and create a payment plan to pay it back by December 2021. That would mean my mortgage would increase $1,000 a month.
I never received a notification from the bank that indicates any change in the terms of ending the forbearance. This is one of the largest credit unions in the nation, and I don't know what do, but at this rate, it looks like I am going to be homeless come February.
First off, thank you to all who has assisted me in the past. Your knowledge has helped me and my family greatly, but I have another crisis here.
The short version - My mortgage company offered me a forbearance to assist me through the COVID shutdowns, in which we really needed like many others. The terms that was presented to me via verbal and email was, my mortgage payoff time will be extended per the duration I am in forbearance. I interpreted that as, if I have 1 year left to pay off my loan, I would now have 1 year 9 months, or 1 year 6 months, pending the forbearance duration.
Things have finally turned around for us. My wife is getting more hours, and I am getting a better paying job come January, so we are going to cancel the forbearance and start on our mortgage payments again in January. Well, I received a call from the banks collection agency indicating my past due loan amount. I informed him that my account is currently in forbearance, but I am going to cancel it and resume payments in January. He stated that I will have to pay them $12,096.37 for the back payments that were missed during the forbearance by January 16th to avoid foreclosure proceedings.
I told the rep that I do not have that kind of money in my account which is why I went into a forbearance to begin with. I also stated that I received an email that provided me with the terms of the forbearance, and this was not the deal once canceling it. He then indicated that I can contact their financial advisory team that can review my account and create a payment plan to pay it back by December 2021. That would mean my mortgage would increase $1,000 a month.
I never received a notification from the bank that indicates any change in the terms of ending the forbearance. This is one of the largest credit unions in the nation, and I don't know what do, but at this rate, it looks like I am going to be homeless come February.
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