COVID-19 Pandemic (Coronavirus)

Stir Fry

Eastside Eggroll
Supporter
Joined
Mar 1, 2015
Messages
32,728
Reputation
31,719
Daps
142,698
Reppin
Dapcity.com

Originalman

Veteran
Supporter
Joined
May 15, 2014
Messages
47,124
Reputation
12,240
Daps
204,928
Just talked to the bank

I was under the impression it would just push back maturity of mortgage

Instead it would be a balloon payment of principle and the interest would get applied throughout the duration of the loan

So for me itd be 28.5 years of accumulated interest :mjlol::mjlol:

Yeah when you do forbearance or deferment the interest keeps adding up even though the payments stop. Then if you don't pay the interest at the end. The interest then gets rolled into the principle...they call it capitalized interest.
 

NkrumahWasRight Is Wrong

Veteran
Supporter
Joined
May 1, 2012
Messages
46,332
Reputation
5,936
Daps
94,035
Reppin
Uncertain grounds
Yeah when you do forbearance or deferment the interest keeps adding up even though the payments stop. Then if you don't pay the interest at the end. The interest then gets rolled into the principle...they call it capitalized interest.

Basura

I was thinking this legislation would give a grace period to those that lost their jobs :mjlol:
 
Top