Can a CARES Act Mortgage Forbearance Hurt My Credit Score?

According to the CARES Act, the law passed to protect homeowners during the coronavirus crisis, your servicer is not allowed to report late payments to your credit report if you have a COVID related forbearance.

#caresactmortgageforbearance, #mortgageforbearanceexplained, #creditscores

What is more common is that a note will be placed on your mortgage credit line that removes it from the scoring model. This note temporarily removes your mortgage from the calculation of your credit score and may result in a change in your credit score while your loan is in forbearance.

Understanding your options Empowers you to recognize if your servicer is not offering you all of the options you are entitled to during this national emergency.

NEXT STEPS: Get Prepared | Be Empowered

If you are having challenges reaching your mortgage servicer, or if you are receiving conflicting or confusing information, we have partnered with housing advocacy partners that can help you contact and communicate with your servicer at no cost to you.

Step 2: Get Prepared by taking advantage of a free, secure, digital financial locker that will empower you with the ability to act quickly once you finally reach someone in the loss mitigation department!

Get instant access to these features and more!

✅ Monitor your Credit Score in Real-Time
✅ Store Banking Information for paperless access
✅ Store Employment information for paperless access.
✅ Loan Modification Documentation at your Fingertips
✅ Secure, Personal, and Powerful
✅ Create Budget & Goals and Track in Real-Time

Homeowners and aspiring homeowners need advocacy. America needs homeownership to fulfill the virtues of building communities, providing generational wealth, encouraging educational advancement, sustaining job growth, and delivering on the dream of hope and prosperity.

For more expert advice and empowerment:

[RStarLeeKong]

I hope so, because I will be suing my bank. I'm sure a good attorney hungry for money will eat this up.

[er]

HI I apply for a mortgage cares act. Apperantely the server report me and now I can't apply for any credit cards and I have been turned down for refinancing few of my business credit. I had no idea. My bank just declined me because of that even though I am back making payment on my mortgage, my credit is perfect but my score is super low I have been making payments in all my credit. No delinquency I am very upset I had no idea this was going to happened

[finishcollege]

My mortgage servicer started charging me interest on my forbearance money.
They denied my modification application including appeal. Gave me only two options, pay up all or short-sale.
I am assuming they are going to send these late payments to credit bureau.
My mortgage servicer is M &T bank, mortgage owner is SONYMA. Seems like all the CARES act laws does not apply to them.
If anyone has any suggestion for me, will be appreciated.