I have had a lot of texts and a lot of calls about missing or a skipping a few mortgage payments due to hours being cut at work or potential job loss. There is some info going around in the media saying its okay to skip a payment, and the government will take care of the mortgage.
Everyone, I beg of you, please pay your mortgages!
Do everything in your power to make those payments. Just because lenders cannot FORECLOSE on your home right away doesn't mean that you don't still owe them money. If you don't make your payment they can and will kill your credit score and rating, charge penalties and late fees, and eventually you will lose your house if you are not on top of things.
If you do have a job loss or you are struggling, please call your current mortgage provider or the number on your mortgage statement and work out a plan with them. I feel terrible for everyone that is struggling right now.
What if your tenant does not pay rent? Nestwell is doing everything in their power to collect rent and represent you. There are a number of tenants who have been let go or furloughed. Those tenants who have traditionally been great to work with and may be eligible to for a deferment on their rent.
If you are looking at a possible refinance, as long as you still have a job, now might be a great time. When you refinance you will be able to "skip" a payment the right way, and I will explain more about how that works.
The graphic below helps break down what happens and the long term effects of mortgage forbearance.