COVID 19 Partial Claim- Confusion

xxCourt1996xx

LoanSafe Member
Hi all, sorry if this is long and drawn out. We have an FHA loan.

So my husband and I bought our first house a year ago and we've had no issues making payments to our loan servicer- Lakeview/Loancare. However in September of 2021 my hours at work got cut significantly due to several of my clients contracting and passing of covid19 and census was low. Shortly after that, my husband and I both became ill with covid and missed several days of work each. Money became tight and we knew we weren't going to be able to make October's payment. So we applied for a foreberance plan. I feel like it's been more trouble than it's worth due to the back and forth with them and them constantly needing more paperwork...plus just overall delays.

Anyway, I paid November and January in full (I received some weird communication from a customer service representative who told me I couldn't actually make payments unless I could pay the full missed amount, hence why December wasn't paid) so in reality I've only missed 2 payments...even if those payments I made were put into a suspense account.

We finally got approved for a partial claim to roll the missed payments to the end of our loan but I was under the impression that that's all it was. I got the paperwork in the mail today and they lowered our monthly payment by 300 dollars. However when we go to refinance or sell we would apparently owe $75k? I'm just super confused and don't know what all of it means. I feel stupid for even applying for a foreberance in the first place but I was sick at the time and panicking a little.

I guess my question is- can we sign all this paperwork, accept the lowered monthly payment but keep making the same monthly payment that we are right now? I just wanted to roll our missed payments into the end of our loan and keep our monthly payment the same, but I guess things can't be that easy. If someone could help me out I'd appreciate it!
 

Survivor_IN

LoanSafe Member
Maybe others know more on this....
I don't see why you couldn't pay more than required. Sign up and take the reduced payment because it may be needed during COVID. Technically, the 300 overage goes to principal and would reduce whatever they threw into the partial claim. If I understand correctly, the partial claim off is paid when you sell or refinance. So keep track of that balance if you can.
 

isisis

LoanSafe Member
Forbearance isn't what you needed. If your performance was rendered Impossible by the pandemic then that performance was excused under the law.
 
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