Have you deferred a mortgage payment due to COVID-19?

Question

My mortgage company sent me a letter saying we have the option to defer payments 180 days with no late fees. This would help us tremendously just for doing it one month (30 days - do not need 180). But I am uncertain about what it means as I know interest will still be a thing. We’ve drained our savings since this all began a month to catch up would do wonders since it seems a second stimulus is off the table.
Have you done this since the pandemic? Do you regret it?

Answer

I have not but you need to do what is best for your family ! Maybe try and give your ￼ mortgage company a call and they can explain it all !

Answer

You need to make absolutely sure that after 180 days you don't owe the 6 month total of deferment.  And that there's nothing prohibiting you from only 30 days.

Answer

If you defer the payment for 30 days, those 30 days will likely be added to your overall mortgage repayment term. 
So if your term is say 30 years, due to finish in let’s just say June 2030, then a deferred payment of 1 month would extend your mortgage to July 2030. 
If you took the full 3 months, it would likely extend your mortgage to September 2030, if that makes sense? 
Although there’s no late fees to pay. You do still need to pay the full mortgage cost, so most banks have just offered to extend the mortgage as explained above. Think of it as a mortgage holiday rather than a deferred payment. They’re simply pretending that the 30-180 days didn’t happen, so they’re pausing your payment and picking up again from where you left off after the 30-180 days, so you’ll still owe the same amount on your mortgage after the deferred payment. 
Call your bank and have them explain it just to be sure they are working it the same as other banks, but this is how it was explained to me. Hope this helps lovely x

Answer

A mortgage holiday is essentially just a break from paying the mortgage, it doesn’t write off the value for however long of a break you take, meaning you will stop the repayments later as other commenters have explained, plus you will accrue interest. 
If you only need it for a month and really can’t get by without it then I would go for it, but DEFINITELY do your research and seek as much financial advice where possible. Idk where you’re based but in the UK we have a brilliant money expert called Martin Lewis who explains all this things wonderfully. I think he may have his own website? Not sure but if you google his name you’ll be able to find out about him and the advice he gives for mortgage holidays. If you’re not UK based his advice might not be as relevant (idk what the differences are in different countries) but it might still give you an idea of whether a mortgage holiday is right for you!

Answer

We did this. Our mortgage payment is going up about 50 dollars a month after the. 6 month deferral but it’s helped a lot.

Answer

I think they’ll just give you a break for 3 months but it will just be pushed back. Like eventually you’ll still pay it but there’s no late fees if you don’t right now. If that makes any sense lol.

Have you deferred a mortgage payment due to COVID-19?

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