CEO of mortgage giant Quicken Loans explains how struggling homeowners can 'skip the payment'

One of the biggest questions for homeowners facing a coronavirus-related financial hardship is whether to try to pause their mortgage payments.

Many of the nation's top mortgage issuers, of which Quicken Loans is the largest, are working with clients to help them get through the coronavirus-driven economic halt.grew by 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week of March 16 and the week of March 30, according to numbers released Tuesday by the Mortgage Bankers Association.

Farner advises homeowners to "take a deep breath and do the research." He added, "If forbearance is the right thing, and taking a pause in the mortgage payments without affecting your credit makes sense, then that's what we'll do." The Mortgage Bankers Association said Wednesday, "The 30-year fixed mortgage rate decreased last week to the lowest level in MBA's survey at 3.45%." The group has been tracking weekly mortgage applications since 1990.a home loan. Refi volume was 192% higher than a year ago.

Mexicos version pf fanniemae has 3 months of insurance covered for ppl left without employment, and after those 3 months, they will still suspend payment for another 3

Tell Mr CEO, they they can hold payments for 4 months and add these 4 months at the end on the loan

People think 'deferment' means, they won't have to make that payment. So, people are going to fall behind and it will be like 08 all over again in the housing market. (My opinion)

Yes, Jay, of course lenders like QuickenLoans couldn’t afford to take the hit on a one month mortgage holiday. That $2,000 forgiveness would really into the $200,000+ in interest you’ll make over the life of the mortgage.

Get Sarah off the TV. She is the worst negative person!!! Goodbye

May be they could do their part and allow everyone to skip on payment without penalty. Nah, that is too humane

Get billions in taxpayer funded handouts to lend to the people to put them further in debt.

Do people truly need to be educated about this?

Says who? Come make me pay my mortgage Jay. I dare you.

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US banks prepare for a flood of bad loansJPMorgan Chase told investors on Tuesday that it has set aside $6.8 billion to protect against an expected wave of loan defaults. Wells Fargo is also bracing for trouble, earmarking $3.1 billion to protect against bad loans. Well if they let a couple months mortgage payments defer till the end of the term it would help out every one I love how they labeled it 'bad loans'. As if most of us just purposely were hellbent on not paying back the loans. Wasn't exactly the fault of people who are now unemployed due to this 'pandemic'.
Source: CNN - 🏆 4. / 95 Read more »