So I spoke to the mortgage dept. yesterday.
I was inquiring on what they offer for forbearance on mortgage payments during this crisis & here is what she told me: they will look at doing it for up to 6 months, 2 months at a time & then they re-review. they wont charge late fees or report to the credit bureau, HOWEVER at the end of that time you have to find a way to bring the loan current & pay everything you missed. I said you don't just add it to the end of the loan? she said no, that by the time it comes due you should be back to work & able to come up with all of it to be current.
That is the dumbest thing I've ever heard & how exactly does that help anyone struggling with the loss of income???
How if you are struggling right now due to the crisis will you have a chunk of money to just plunk down on it?? I will be refinancing my home & closing all of my accounts!!
User's recommendation: add those payments to the end of the loan to help your loyal customers!!
Preferred solution: Let the company propose a solution.