If you are in an active FHA forbearance that began between July 1, 2020, and Sept. 30, 2020, after 12 months you can request one three-month extension, for a maximum of 15 months’ forbearance. Instead, you may be evaluated for a loan modification, which changes the terms of your mortgage. We believe everyone should be able to make financial decisions with confidence. We were all on our edges of our seats but the inevitable happened again. I was laid off today as a front end mortgage processor. I had the best experience getting my first mortgage ever at Guaranteed Rate and everyone I dealt with is so helpful and professional!!
No matter what type of loan you have or what government assistance may be available, contact your lender directly if you have concerns about paying your mortgage. “The lender should report it as ‘paying as agreed,'” says Rocke Andrews, president of the National Association of Mortgage Brokers. Once the forbearance is repaid, Andrews says, “in theory, it shouldn’t affect your ability to refinance or purchase in the future.” Under normal circumstances, forbearance typically lasts about three months, but longer periods have been available to homeowners dealing with financial issues during this pandemic. Is an agreement with your lender that lets you make a reduced payment or no payment for a set amount of time.
I only agreed to this term from the seller because I was assured repeatedly that this would close in 45 days. I did everything, turned in every form, had all my contractors do all their stuff. Repeatedly asked if there was anything else I needed to do. I spoke to my appraiser again today and it came out that after waiting 9 days for answers from my processor she had told him all the wrong answers!
I have done my best to not harass them and only emailed when things were due to see if they arrived. But now the appraiser NEEDS TO TALK TO THEM and even though they have said they will speak to him, they have not, and they won’t respond to me when I ask if they contacted him and if it’s been resolved. I think they only offer online payments in certain states.
As a first time buyer they had no care or compassion for me or my family. I would not likely to recommend this company to anyone. On October 10th 2018 I received an email from Guaranteed Rate saying our loan will be transferred to a new company November 1st 2018. It listed the name of the company and stated if November payment was made they would transfer it with loan if not mail it to the new company which was listed along with the address. On October 17th I wrote a check and sent it out to new company. After several weeks the check was not cashed, so I called new company.
An additional six months of forbearance will be an option if the forbearance period will expire before the COVID-19 National Emergency has ended. Great mortgage officer – his team worked seamlessly together to get us approved for our loan 3 weeks early allowing us to focus on other parts of the home buying process. Joel was available whenever I had a question to clarify the process and numbers. I had submitted all my paperwork and was told they could order the appraisal immediately after that. After being given the runaround for 2 weeks after that it was finally ordered. I was nervous but told it should only take 9 days and we had plenty of time to close.
It’s amazing how everyone has the same horrible experiences. Very unprofessional, extremely lacking knowledge & every time you think you’re over a hurdle they go back & present another. Extremely upset that we are forced to give them a 1 star. After investigating I found that they deal mostly with mortgages in default and are essentially a collection agency. I have perfect credit and could have gotten a mortgage anywhere. There is no one who knows anything when you call their office.
Of course it’s not a big deal, I’m just surprised that it’s 2021 and I still have to write physical checks. Customers of Guaranteed Rate have several different ways to contact a Guaranteed Rate representative, depending on whether they are a current or new customer.
Overall, dealing with Andrew and having to fix the problems he created was a frustrating experience. We will give credit to his manager, Shaunt who was apologetic when we spoke to him and helped clean up repair outlok Andrew’s mess. We had an incredibly tough time working with their servicing. We literally just refinanced with another bank as these guys are absolutely pathetic when it comes to servicing their loans.