Source: Clare Trapasso | www.realtor.com | April 15, 2020
When Nicholas Dahl, 36, called Chase Bank to find out about his options for mortgage forbearance at the end of March, an automated voice informed him the wait time would be 43 hours and 45 minutes. Dahl, who runs his family’s art transportation business, hasn’t been able to draw a paycheck since all nonessential businesses in Illinois were shuttered on March 21 due to the coronavirus pandemic. And he doesn’t know how much longer he and his wife will be able to keep making payments on the three-bedroom house in the Chicago suburbs where they’re raising their 8-year-old daughter.
When Nicholas Dahl, 36, called Chase Bank to find out about his options for mortgage forbearance at the end of March, an automated voice informed him the wait time would be 43 hours and 45 minutes. Dahl, who runs his family’s art transportation business, hasn’t been able to draw a paycheck since all nonessential businesses in Illinois were shuttered on March 21 due to the coronavirus pandemic. And he doesn’t know how much longer he and his wife will be able to keep making payments on the three-bedroom house in the Chicago suburbs where they’re raising their 8-year-old daughter.
After three hours and 45 minutes on hold, and several times where he heard a woman saying “hello” before going back to the call music, he finally hung up. He emailed the bank for information instead. Chase responded that he could receive mortgage forbearance for 90 days. During those three months, Dahl wouldn’t have to make his payments and wouldn’t incur late fees, get reported to credit agencies, or risk foreclosure. But once that period was over? All of the missed payments would come due at once. “I don’t really think it’s worth it,” says Dahl, who’s losing about $5,000 in income each month his business is closed. “I don’t really want to pay four mortgage payments in one.”
Read the rest of the article: https://www.realtor.com/news/real-estate-news/mortgage-forbearance-is-not-all-its-cracked-up-to-be/?identityID=5d320173a134849576000ba8&MID=2020_0415_ArticleNL&RID=5612358462&cid=eml_promo_Marketing_NonPRSL_ArticleNL_cons.11413842_2020_0415_ArticleNL-hero-blogs_trends
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