So many people have been affected by the Pandemic: causing them to allow Forbearance during a layoff, employment hour reduction, or even a complete shut down of a business causing a layoff completely. Many people have chosen to "Forbear" their mortgage in 2020.
Many people do not know the difference between Deferment & Forbearance.
What is the difference between Deferment and Forbearance:
Google Shares: Both allow you to temporarily postpone or reduce your federal student loan payments. The main difference is if you are in deferment, no interest will accrue to your loan balance. If you are in forbearance, interest WILL accrue on your loan balance.
Then we must ask: Google: Does Deferment or Forbearance hurt your credit?
Although deferment and forbearance do not hurt your credit scores, the student loan itself has an impact on your credit rating. The amount you owe to lenders and creditors accounts for 30 percent of your total credit score.
So how many people who accepted the Forbearance most lenders offered, did not make their first installment after Forbearance? 11/17/2020 4 million U.S. mortgages
Mortgage forbearance reached a peak in May 2020, with more than 4 million U.S. mortgages in forbearance, which represents about 8% of outstanding mortgages and $1 trillion in mortgage debt. Overall, through forbearance, homeowners have delayed about $4 billion in mortgage payments each month
This means that there are a lot of people who need help!
This may not be your issue, but I am sure you know someone who is in need of assistance. We can offer them a safe open place to discuss these issues and help resolve them. We are in the business of "Helping Dreams Come True" no matter your situation!
May Our Father in Heaven greatly bless you and yours in this new year 2021!
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