Hi everyone. We have a USDA Direct mortgage (just closed last September). We had our bankruptcy back in 2007 and have been repairing our credit since.
About two weeks ago, my husband fell at home and broke his right leg. He's a truck driver so, this injury is pretty significant for him. He's expected to be out of work for AT LEAST three months. Likely, he will be out of work for closer to 5 months, as his particular field involves more than just driving the truck. He has to be able to physically move heavy compressed gas cylinders.
Obviously, the loss of income is going to be severe. He is our only wage earner...I stay home and care for our four children, ages 3-6.
I called USDA and asked about a deferrment. They sent me the paperwork and I noticed that it stated if we were granted a deferrment, the missed payments would be reported to the credit bureau as missed and that USDA might choose to not continue the loan (though after speaking with a supervisor, I confirmed that this is pretty rare). Also, the missed payments would be added back into the loan after the deferrment was over.
Has anybody had a deferrment during a USDA loan? Any thoughts on the payments during the deferrment being reported as missed, despite the deferrment?
About two weeks ago, my husband fell at home and broke his right leg. He's a truck driver so, this injury is pretty significant for him. He's expected to be out of work for AT LEAST three months. Likely, he will be out of work for closer to 5 months, as his particular field involves more than just driving the truck. He has to be able to physically move heavy compressed gas cylinders.
Obviously, the loss of income is going to be severe. He is our only wage earner...I stay home and care for our four children, ages 3-6.
I called USDA and asked about a deferrment. They sent me the paperwork and I noticed that it stated if we were granted a deferrment, the missed payments would be reported to the credit bureau as missed and that USDA might choose to not continue the loan (though after speaking with a supervisor, I confirmed that this is pretty rare). Also, the missed payments would be added back into the loan after the deferrment was over.
Has anybody had a deferrment during a USDA loan? Any thoughts on the payments during the deferrment being reported as missed, despite the deferrment?