The Soldiers and Sailors act is intended to protect credit during military service but, when looking into forbearance for mortgage during a deployment, the mortgage company (first horizon) indicated that they would report any modification to the credit bureaus. Our household income went DOWN more than 60% as a result of military pay in the reserves– which means we couldn’t even qualify for a refinance with our new ratios. It is unbelievable that a man can serve his country and come back to trashed credit!
What is the best way to contact First Horizon and talk to a loss mit. agent? I can’t get past their initial “customer service” dept and all they do is read me the Soldiers and Sailors act language!! Are you aware of any company that is respecting military service by forbearing loan payments during deployment and tacking it on to the back of the loan? The IRS and Sallie Mae will do that, why not the mortgage companies??
Mortgage Forbearance for Deployed Reservists? - Karen by Steve Rhode
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