When the COVID hit the USA, the government went on a shut down somewhere around early 2020. No one ever experienced something like this and neither did the Lenders (Banks). So, they did what we all do, try something. They all spoke about a Forbearance Agreements. Most of us do not know what that is, but many years ago (1994 to 1996), this was used to help some financially strapped consumers as well. It's basically renegotiating of your arrear payments with your loan balance. But something happened along the way, the Government passes the CARES Act. That forced the lender to modify your loan.
So, here what to look for:
Did you sign a Forbearance Agreement?
If so, that sole agreement will tell you how to pay it back and your NEW Lender (refinance) will want to see it. However, I learned something along the way, some lenders abandoned the idea of Forbearance and moved to Modify your loan and added the missing payments that were not made to a "Non-interest bearing principal balance". See, due to the CARES Act, they can not report it late payments to creditors, so they just modified your loan. However, most homeowners did NOT sign any agreement.
So, in closing, YES you can refinance if there was a Forbearance or Modification. But, we just have to do a little research, that's all. It can all be taken care of by one phone call.
So, let's get it done and let's get you to your refinance and a better term loan.