If you miss a payment, BB&T will very likely report the incident to the credit bureaus. Just like any other auto finance company, BB&T will also report to the credit bureaus when you paid off your loan or refinanced it.
Just so, can I stop my mortgage payments for a few months?
This includes most mortgages. Homeowners with federally backed loans have the right to ask for and receive a forbearance period for up to 180 days—which means you can pause or reduce your mortgage payments for up to six months.
Correspondingly, does deferring a mortgage payment hurt credit?
Deferred payments do not negatively affect your credit history. Passed in response to the ongoing pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) Act made it possible for those who have been impacted to receive certain payment accommodations, such as account forbearance or deferment.
How can I skip a mortgage payment without penalty?
When you put relief options in place, you can skip payments under the relief agreement without penalty. “The mortgage servicer will report the loan status as current during the period of forbearance,” Singhas says. But contact the loan servicer before the payment due date if you think you will miss a payment.
A payment deferral will create a balloon payment at the end or maturity of your loan. This balloon payment is the sum of your skipped payments and will be due all at once. You can now apply for a payment deferral online. If you qualify, you will see it as an available option in our mortgage relief application.
Payment relief is available for auto loans, home equity loans, consumer loans, mortgages, and personal credit cards. Our online request form is the fastest way to request payment relief. You’ll need your social security number, ZIP code and account number. Start your request.