I work in a collections department of a large bank. It blows my mind how many homeowners think they are getting a deferment on their payments. i.e. They think they're going to be able to put payments to the back of their loan. I really feel for these people. We have been very upfront and have advised everyone we are not deferring their payments. However, several borrowers have said their neighbor or relative's bank advised them they will defer their payment. I'm afraid other banks are using the word "deferment" and people are misinterpreting the meaning. What banks are doing is putting stops on late charges and credit reporting for most likely 90 days with the possibility of extending the stops if you're still affected. They ARE NOT deferring payments to the back of the loan. You will still be responsible for these payments!
Submitted September 07, 2017 at 03:47PM by logan08516 http://ift.tt/2ePLUTt
