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How does forbearance affect your credit rating?

In: Improving Your Credit Rating, Money Management, Credit [Edit categories]

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It is hard to tell exactly how the forebearance agreement will affect your credit score without knowing all of the information regarding your credit history. If you are trying to refinance out of a forebearance agreement: Every lender is different, but most subprime lenders (Mortgage lenders who deal with borrowers with low credit scores) require the forebearance agreement to be paid as agreed (on time and with the correct payments) for a full 12 months. There might be some limitations to the amount of loan you will get from the lender. If you are trying to sell your home: If there is an NOD on title (Notice of Default) most lender's have some issues with that. They ususally don't want you to be selling the property to a family member.

Hope this helps.

First answer by Melanieraerae. Last edit by Melanieraerae. Contributor trust: 41 [recommend contributor ]. Question popularity: 22 [recommend question].

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