Forbearance. For those of you who may be in a situation of forbearance either mortgage or rent. Please, take note. It is impotant that you check your credit history. Financial institutions have been recording either late or non payment of mortgage on peoples credit history. This has been been a very noticeable trend as of late. Also, be very wary of refinancing by making sure your mortgage principle is not sold off to a third party. that is called a mortgage swap and is still being done.
For those of you renting ensure your landlord has not reported late or non rent payments. This to can effect your credit rating.
If you are told do not worry about forbearance, we will just add the payments to the end or extend your mortgage, one should ensure that all is correct. Many people are finding that the financial institutions are penalizing those in forebearance. The effects on your credit rating could effect your interest rate when renegotiating your mortgage or seeking other credt. If you are a renter this could also effect you. Seeking to rent lesewhere or your first mortgage could have a hiccup.
Again double check your credit rating to ensure that forbearance is not hurting your credit score now or in the future.