Some borrowers who took advantage of the relief lawmakers provided are now being told that they will have to wait.
(Bloomberg) — US homeowners hurt by the novel coronavirus were told they could delay their mortgage payments without facing consequences. Now, some are learning they’re at risk of being shut out of the housing market.
The snag has been triggered by the $2.2 trillion stimulus bill that Congress passed in March. The law allowed borrowers with government-backed loans to postpone payments for as long as 12 months if they’re dealing with financial hardships stemming from the pandemic. It even specified that mortgage firms must report homeowners in forbearance as being “current’’ on payments, thus preventing any damage to their credit scores.
The stimulus bill didn’t address policies that restrict consumers from getting new loans for a year after their forbearances end.
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