Mortgage Deferment

[wintermute]

Is it possible to get a mortgage deferment while you are in basic training? The difference between my military pay, and my civilian pay is quite substantial. I wanted to see if I could get a deferment from my back for about 3 months to cover while I am in BCT. Has anyone had any luck doing this, or does anyone know of any laws that mandate this?

[California Captain]

You can ask your mortgage provider, but I think the answer is no.

[WO1 Quinones]

Is it possible to get a mortgage deferment while you are in basic training? The difference between my military pay, and my civilian pay is quite substantial. I wanted to see if I could get a deferment from my back for about 3 months to cover while I am in BCT. Has anyone had any luck doing this, or does anyone know of any laws that mandate this?

in this crisis, banks and mortgage lenders want their money.

[SteveLord]

Vehicles yes, houses...in these times.....mmmmm...good luck.

[wintermute]

I called the bank, and I was able to get some details. The bank is willing to defer it for 3 months, but require a balloon payment at the end of the 4th month. This would not impact my credit rating in any way. I can also do a payment plan where I pay the 3 months over 12 months, but that would impact my credit since it would show me as defaulting on 3 months. At first they were not that receptive since I have never been late on a payment. Once I explained the difference between my military pay, and my normal pay was more then 100% then started to explain the details of their deferment. I should have the paperwork to review sometime next week.

[WO1 Quinones]

Good luck that is great that they willing to help somewhat. Continue to work on cash reserves and advance payment on mortgages. That is the direction you want to go.

[budgie123]

I called the bank, and I was able to get some details. The bank is willing to defer it for 3 months, but require a balloon payment at the end of the 4th month. This would not impact my credit rating in any way. I can also do a payment plan where I pay the 3 months over 12 months, but that would impact my credit since it would show me as defaulting on 3 months. At first they were not that receptive since I have never been late on a payment. Once I explained the difference between my military pay, and my normal pay was more then 100% then started to explain the details of their deferment. I should have the paperwork to review sometime next week.

BE REALLY CARFULL !! with that. Although it may not effect your relationship with your lending institution, It will show up on your credit report. I used to deal with this stuff alot when I was a loan officer for one of those banks that you have seen recently on the news. See your credit rating involves a couple of factors not only just score. I know when it came to the mortgages we had to go thru 24 months of mortgage history before we could give an elite tier loan and although you have an agreement with this loan servicing agency if you get sold or the servicing agent goes out of business, you could really get f***ed. And no matter what it will show somewhere on your credit report, maybe not as delinquent but there will be explaining to do. It almost sounds to me they are offering you a forberance agreement. If thats the case have a lawyer read over the paperwork or figure out another way

[wintermute]

BE REALLY CARFULL !! with that. Although it may not effect your relationship with your lending institution, It will show up on your credit report. I used to deal with this stuff alot when I was a loan officer for one of those banks that you have seen recently on the news. See your credit rating involves a couple of factors not only just score. I know when it came to the mortgages we had to go thru 24 months of mortgage history before we could give an elite tier loan and although you have an agreement with this loan servicing agency if you get sold or the servicing agent goes out of business, you could really get f***ed. And no matter what it will show somewhere on your credit report, maybe not as delinquent but there will be explaining to do. It almost sounds to me they are offering you a forberance agreement. If thats the case have a lawyer read over the paperwork or figure out another way
I am still waiting for the paperwork to show up. They were very clear on the 3 month one there would be no report to the credit agency, but I had to pay it in full at the end of the 3 months. Otherwise it would should me past current past 90 days. Hopefully I will get the paperwork today, or early next week. the problem is in California the mortgage payments are very high out here. I think the Military pays 1,500, but my mortgage is close to 4K. I have the money in savings, but I would prefer if my wife did not even have to worry about it while I was gone.

[shutterm4]

HOLY CRAP! 4K a month. I would live in a box

[WO1 Quinones]

HOLY CRAP! 4K a month. I would live in a box

If you are paying 4k a month in a mortgage (48k a year); I dont know if you were affected by the loan crisis or earn an excellent income. Either way, its admirable that would you like to serve your country but is it worth the price if you have to put off paying your bills. Hopefully your employer can assist when it comes to the offset of income.

Also, I dont know if your home is a multi family home where you receiving rent to assist in paying your mortgage.

Also, if you income is so substantial, then there is obviously some poor financial management going on if your budget appears to be tight.

[rhino323]

HOLY CRAP! 4K a month. I would live in a box


I don't think it's a good Idea, but hey if you can go for it.:D



not all is that much it's more or less 2,500 but you get 80 degrees weather 364 days a year. you want to go the beach and the snow the same day no problem;and great Canyons for riding all year.





:cool:

[SPC Ski]

But at those prices a cardboard box will run ya $1500

[budgie123]

I am still waiting for the paperwork to show up. They were very clear on the 3 month one there would be no report to the credit agency, but I had to pay it in full at the end of the 3 months. Otherwise it would should me past current past 90 days. Hopefully I will get the paperwork today, or early next week. the problem is in California the mortgage payments are very high out here. I think the Military pays 1,500, but my mortgage is close to 4K. I have the money in savings, but I would prefer if my wife did not even have to worry about it while I was gone.

Well I hope you are correct but I have been in or around the financial industry for close to 12 years and I have personally never heard of something like this not reporting to the credit agency's. See when you look at your credit report the report line kinda reads like this

abcbank.........250k.......240k
11111111111111111111111

the problem lies in all of those ones, every time you pay your bill it automatically shows . If you do a deferment plan it may look kinda like this

abcbank........250k........240k
1111xxx11111111111111111
and those little x's are the problem, if you go to refi or make a major purchase most lending instutions will need an explanation. Now more than ever as consumer credit is really tightening up.
I guess all that im saying is see if you can avoid doing that.

[wintermute]

If you are paying 4k a month in a mortgage (48k a year); I dont know if you were affected by the loan crisis or earn an excellent income. Either way, its admirable that would you like to serve your country but is it worth the price if you have to put off paying your bills.
Well, I have enough in savings to pay for the mortgage while I am gone, but as I said I would prefer not to make the payments while I am gone. It just makes it easier for my wife to budget if she does not have to worry about the cash flow. No, I was not affected by the loan crisis, but it happens that the area I live in is very expensive. As long as I can defer without affecting my credit then it is a win/win situation.

Hopefully your employer can assist when it comes to the offset of income.
Sadly my new employer has a horrible program in my opinion when it comes to the military. My old employer would match your wages anytime you were gone for military training. My new employer will only match your wages for 15 days, and then it is just your military pay check unless you want to use vacation. If I am activated due to an emergency then they will match my full salary for up to 5 years.



Also, if you income is so substantial, then there is obviously some poor financial management going on if your budget appears to be tight.
I would not say the budget is tight, but I would prefer no to have to dip into savings to cover my housing payment while I am out serving my country. I am a tad old fashioned in the sense that I prefer my income to be greater then my expenses in a month.

[wintermute]

I guess all that im saying is see if you can avoid doing that.
That is what I am trying to avoid. If I have to I can just take the money out of savings, and cover it that way if there would be any damage to my credit rating. I would just prefer not to have to dip into savings if I can just defer the payments without penalty. I am thinking about moving my ship date to a date after March since that is when we get certain bonuses paid out to us.

[LT_77]

HOLY CRAP! 4K a month. I would live in a box


It's Commifornia man... 4k a month over there gets you the same thing as 1500 a month here. I was watching a TV show on DIY fixes and they featured a few "middle class homes" in Cali. These suckers were 900k to 1mil, built in the 50's and quite honestly something that would probably sell for 150k here in the midwest :eek:

Yea, thanks but no thanks. :D

[wintermute]

These suckers were 900k to 1mil, built in the 50's and quite honestly something that would probably sell for 150k here in the midwest :eek:

Yea, thanks but no thanks. :D
I am from the midwest so it was quite a shock when I moved out here. My house in the midwest was almost 2,000 sq ft, 3 bedroom, 2 bathroom, brand new, and only 120K.
My house in California is a condo that is 1600 sq feet, 2 bedroom, 2 bathroom, and it was 450,000 and that was considered a bargin for the area.
While I love the weather I think I will be moving somewhere else after OCS.

[Adrenaline]

Holy cow, $450k for a 2 bedroom, 2 bath, 1600 sq feet condo!!! I'm in the process of buying a house right now. 4 bedrooms 2 1/2 bathrooms, full basement, Car garage, car port (portable) walk in attic (Can be turned into another 2 bedroom, 1 bath or a master bedroom with bath), mud room. Standard kitchen and livingroom lol. Comes on an acre in half lot, paved driveway, wrap around deck for $185k (everything remodeled also) and I live in Central Virginia.

[SPC Ski]

Holy cow, $450k for a 2 bedroom, 2 bath, 1600 sq feet condo!!! I'm in the process of buying a house right now. 4 bedrooms 2 1/2 bathrooms, full basement, Car garage, car port (portable) walk in attic (Can be turned into another 2 bedroom, 1 bath or a master bedroom with bath), mud room. Standard kitchen and livingroom lol. Comes on an acre in half lot, paved driveway, wrap around deck for $185k (everything remodeled also) and I live in Central Virginia.

Have fun at fort picket. I'll be at FAPH next weekend

[Adrenaline]

Have fun at fort picket. I'll be at FAPH next weekend
Oh man, I wish I was in the National Guard - I'm waiting to go see another eye doctor to find out whether or not I have Macular Degeneration. Want a 2nd opinion on that. Was told I had it and I know if I have it, I'll never be able to get in. Joining is something I really really want more than anything.

[LT_77]

Holy cow, $450k for a 2 bedroom, 2 bath, 1600 sq feet condo!!! I'm in the process of buying a house right now. 4 bedrooms 2 1/2 bathrooms, full basement, Car garage, car port (portable) walk in attic (Can be turned into another 2 bedroom, 1 bath or a master bedroom with bath), mud room. Standard kitchen and livingroom lol. Comes on an acre in half lot, paved driveway, wrap around deck for $185k (everything remodeled also) and I live in Central Virginia.

But you don't have overcrowded freeways, bad air, immigration problems, earthquakes, wildfires.....oh yea and palm trees and beaches :rolleyes: That's what you pay for in Cali baby!

[Adrenaline]

Yeah well, I enjoy my country living. Not much traffic, woods all around, open fields and I can sit on my back deck and shoot my rifle or hand guns without having any complaints or worry about hitting a house, child, car, etc. Deer might die if I see it but besides that, nothing is harmed :)

[rhino323]

woods all around, open fields and I can sit on my back deck and shoot my rifle or hand guns without having any complaints


now thats what I would like to do here in SoCal. but can't.:mad:

[Adrenaline]

now thats what I would like to do here in SoCal. but can't.:mad:
I love it. I'm able to have parties, play my music loud and late at night and nobody says anything. If you're a hunter, where I live is the ideal place for you. Bucks are always in the field behind my house.

[wintermute]

Bucks are always in the field behind my house.
The deer here in Northern california are the size of German Shepards back in Missouri. It is funny to see people bragging about the size of their deer out here.

[LT_77]

The deer here in Northern california are the size of German Shepards back in Missouri. It is funny to see people bragging about the size of their deer out here.


I never understood the concept of hunting for sport. The whole idea of bragging about: Sitting in a place for hours being quiet, and then taking out an animal from xxx yards away with a big a$$ rifle/scope while it eats grass...and then posing for a picture with it like you actuallly did something other than cherry pick a defenseless animal :confused:

I'll respect a hunter when he/she goes out with a spear or knife and comes back with a big buck or grizzly bear for dinner.

[7011USMC]

I never understood the concept of hunting for sport. The whole idea of bragging about: Sitting in a place for hours being quiet, and then taking out an animal from xxx yards away with a big a$$ rifle/scope while it eats grass...and then posing for a picture with it like you actuallly did something other than cherry pick a defenseless animal :confused:

I'll respect a hunter when he/she goes out with a spear or knife and comes back with a big buck or grizzly bear for dinner.

LMAO! I'd rather hunt at Krogers, Wal-mart, or Meijers! If I'm feeling like grizzly Adams I'll do IGA.:D

[Adrenaline]

I have actually went with my Uncle to North Carolina and hunted Boar with just a huge knife. We'd jump on their backs and slice their throat and let it bleed to death - but that was when I 17 years old. So many years ago is all I have to say. LoL Actually think that was the last time I actually went hunting rofl