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Posts by driftingtiger21
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Loan Moratoriums: Can I freeze my payments?
in Banking, Insurance & Loans ·
Heh, I’m actually curious about the moratorium too...
I'm currently on maternity leave, and my husband has a mortgage through JPMorgan Chase. I know we're entitled to a payment moratorium,
but I'm wondering what the actual cost of all that "fun" is. Between notary fees and paperwork, they say it won't be more than $167 now, but what happens later? Are there extra interest charges or something?
Apparently, there are two ways to go: you can either extend the loan term or just increase the monthly payments to keep the end date the same. They mentioned the second option involves less paperwork.
We aren't exactly in a financial crisis right now, so I'm trying to figure out if it's even worth doing, or if we'll just be making life harder for ourselves down the road.
..and yeah.. I totally agree that you really have to squeeze every bit of information out of the bank staff to get the real story.
I'm currently on maternity leave, and my husband has a mortgage through JPMorgan Chase. I know we're entitled to a payment moratorium,
but I'm wondering what the actual cost of all that "fun" is. Between notary fees and paperwork, they say it won't be more than $167 now, but what happens later? Are there extra interest charges or something?
Apparently, there are two ways to go: you can either extend the loan term or just increase the monthly payments to keep the end date the same. They mentioned the second option involves less paperwork.
We aren't exactly in a financial crisis right now, so I'm trying to figure out if it's even worth doing, or if we'll just be making life harder for ourselves down the road.
..and yeah.. I totally agree that you really have to squeeze every bit of information out of the bank staff to get the real story.