does the usda rural development offer payment deferments on past due mortgage accounts?

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alot of mortgage companies offer payment deferments to the end of the mortgage loans to allow clients to catch back up on behind payments or keep from foreclosing. My sister has this loan and has had terrible problems with her income and is behind 6 months. they say that she is in foreclosure but the loan is not with any legal department yet. SO does anyone know if they will do a deferrment? We have called, they say they don’t but their website says they will. Who is right???

3 Comments
  1. Reply
    JD
    January 24, 2011 at 9:47 pm

    I can’t find the exact place that it talks about this but here is there website.

    http://www.rurdev.usda.gov/

    I am currently in the application process of getting a home loan with them and I have been reading all about the entire process online. It seems like I read something about being able to defer payments for up to a year if you can prove there is no income. Then once that is over you can start catching back up on payments and that there is no interest while it is in deferment.

    I hope this helps, if you could would ask her when she put her application in how long it took to be approved and post it back for me. They say it can take up to 30 days but I didn’t know if it usually takes that long and I can’t seem to find anyone who knows anything about this kind of loan.

  2. Reply
    Etta P
    January 24, 2011 at 10:35 pm

    Here is their website, contact USDA directly maybe possible. The lender may say no, but maybe and mean maybe USDA can offer some additional options. It cant hurt.
    Good luck to you, so hope it works out

  3. Reply
    Sarah
    January 24, 2011 at 10:50 pm

    If she truly is already in foreclosure Rural Development requires that the full amount due be paid to bring the account current and to stop foreclosure proceedings.
    You might be reading on the website about moratoriums. They do sometimes grant a moratorium under certain circumstances but it sounds like it could be too late for that if she is already 6 months behind. Those need to be applied for when problems first begin.
    She needs to contact her local office and see what her options are. Unfortunately, this may be to pay the full amount owed to stop the foreclosure.

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