Help Me With Sign Kentucky Banking Forbearance Agreement

Help me with industry sign banking kentucky forbearance agreement

hey everyone Kevin here I have an urgent update for you regarding mortgage forbearance and now the worsening mortgage crisis this update is worse than previously anticipated previously we had talked about requesting mortgage forbearance and requesting mortgage forbearance for three months so that you don't have to make your payment for April May and June we've talked about the pitfalls of that such as having to make all four mortgage payments the three you missed and then your fourth month mortgage payment all at the same time and how you might potentially be squeezed or backed into a corner so to speak and have to request a loan modification but a loan modification could tank your credit and these are the scenarios that we had gone through in previous videos well now it's even worse the largest stimulus package passed on March 27th the one we call the cares act and the one that's issuing stimulus checks provided that we are allowed to request mortgage forbearance again that three-month pause on payments potentially with the ability to request another three-month opposed in payments for most owners of a single family or smaller multifamily real estate well apparently lenders have now found a way to screw borrowers so this is very important if you know somebody thinking about applying for mortgage forbearance or you know somebody who is doing mortgage forbearance or you're doing mortgage forbearance you might want to not do so after this because it's not just a concern about having lump sum payments due at the end and being squeezed into a loan modification and having your credit screwed then it's not just not being able to refinance or not being able to get another loan those are all the other issues with mortgage forbearance heck I'm doing some refine answers right now and I got a document that I have to sign that says I have not and do not plan on accepting any forbearance terms this is incredible but this this takes it to the next level this right here is the actual text of the stimulus bill this is the entire section that refers to your credit reporting and it's actually titled credit protection during the outbreak this is because the people who authored this build want to see people's credit gets screwed up it totally makes sense I'll link this bill down below its section 40 21 and I'm gonna show you the nasty loophole that lenders are polling right now it says here except if your account was charged off if you request an accommodation and your account is current the lenders should continue to report your credit as current or your account is current which when you're reported as current it means gold nothing's changed like everything's good if you were later delinquent before you went into a forbearance which is just another way of saying an accommodation an accommodation could be anything like partial payments forbearance allowing you to skip a payment a deferment whatever all of those things are called accommodations anyway if you're delinquent before you get an accommodation or forbearance you stay delinquent unless you bring everything current and then if you take forbearance you are considered current so that's good this is pretty clear and that's it you could actually see that this is an amendment to the Fair Credit Reporting Act which is very important because you're going to see Fair Credit Reporting Act come up later but remember the law actually says reports somebody is current but there's a nasty loophole that lenders can do that is they could report you as current but they can also do something else to screw you well we know that lenders don't like Mortgage forbearance and we also know that lenders are trying to protect themselves by not making loans to people who are taking mortgage forbearance because guess what happens if you do a refinance right now and they don't ask you or do they don't go looking to see if you're doing mortgage forbearance and then they give you a refinance or a new loan as soon as your loan closes who could call them up and go bro I need mortgage forbearance I get why the lenders are being cautious but this with the credit this is just a straight-up ripoff look at what's actually happening to people here's an actual credit report of somebody who went into mortgage forbearance updated account information loan care servicing remark added to account you could see these remarks on an app like Credit Karma by the way not sponsored just saying the only thing sponsored are the links to we bolt when you deposit a hundred dollars you get two free stocks to the stock trading platform weevil and of course the links to my really amazing programs with the coupon code down there but look at this remark added remarks are meant to make your report more clear if you're not sure what this remark means or where it came from you can contact creditor or the credit bureau so the lenders are adding these remarks between April 5 2020 and April 13 2020 to the account and that's because these credit reports update generally every week account and forbearance and guess what immediately happened after that remark was added TransUnion and Experian immediately dropped this individual's credit score by 75 points which means if you had an excellent score of 725 you would now have a 650 score simply because you requested mortgage forbearance that's almost as bad it's just straight up not making your payment and if that weren't bad enough here is yet another example of an account in forbearance this is a credit report this is a poll from US Bank home mortgage and it says here that somebody is late as of the period of April 20th to April 30th I'm actually surprised they reported it late that early because usually they don't report you 30 days late until you're actually a full 30 days late but it appears to be because they requested mortgage forbearance look at this account in forbearance conventional real estate loan 30 days delinquent as of 4/20 which appears to be the date due they added this remark so not only did it move up when they remarked you as 30 days late because they left this note for mortgage forbearance but they put the mortgage forbearance note in here so this person's credit score while I'm not exactly sure how much of their credit score dropped it shows you that again lenders are trying to screw people by going and accepting mortgage forbearance and if that weren't bad enough here's a letter right from a bank it's the words from the horse's mouth now I won't mention which bank it is but it says your current loan documents remain in effect however you are not required to make any payment during the term of the forbearance plan that sounds good that's in bold you agree to all of the terms and provisions of your current mortgage note and mortgage security instrument bla bla bla bla okay great and then says here credit reporting please note we will continue to report the delinquency status of your loan to credit reporting agencies as well as your entry into a forbearance plan in accordance with the requirements of the FCRA the Fair Credit Reporting Act and consumer data Industry Association requirements credit scoring companies may consider this entry into a forbearance plan as an increased credit risk well duh as a result entering a forbearance plan may adversely affect your credit score particularly if you are current on your mortgage or otherwise have a good credit score Wow and so you may be wondering well how do the banks get away with this are they blatantly breaking the law a lot of the lenders at least from what we're seeing they're technically still reporting people as current or if they were delinquent going into it I believe that's when they're reporting people as delinquent but in terms of leaving a note on the credit portfolio the bill doesn't say you can't have a note added to your credit portfolio so it's kind of like on one hand the lenders are like yep yep yep we read your bill we know it says report people as current we did we may have put a big red stamp on it that says in forbearance which the credit reporting companies are basically doing a little command-f for and going on forbearance oh let's tank that guy's credit score so it's just like oh god loopholes so frustrating folks this is absolutely obscene think about this the law says lenders if you're going to give people mortgage forbearance which please do we want to help people out continue to report them as current we don't want to see everybody have a screwed up credit portfolio now because they had to ask for forbearance because y'all can't figure out how to get things passed and Congress quickly enough to help people and people can't make their mortgage payment we can't get updates on this $2,000 per month stimulus plan everybody's confused and people just want to go back to work but we can't because businesses are mandated to be shut down and now this now lenders are going fine we'll report you as current but we're gonna put a note in there that says you asked for forbearance nice loophole really great way to screw people totally messed up so word of caution if you're in a mortgage forbearance plan right now personally I would do what ever I could I would go into my jewelry box and start pawning jewelry I would do whatever I possibly could to make my mortgage payment before the 30th of this month because after the 30th that's usually when you're actually thirty days delinquent that way even if your credit did get screwed because they marked you as being in a forbearance plan because you already accepted it at least you could say just kidding please take it off I'm current I paid like everything's good and you could prove that to Experian and TransUnion and Equifax if you need to that way at least you can fix this damage that's being caused because there's nothing worse than being taken out of the loan market for future solid credit card offers for offers to be able to buy real estate below market value which is what I teach you in my programs how to invest in real estate and actually build your wealth that's what I did I'm 28 years old and I have an eight million dollar real estate portfolio not because I partnered with people but because I used my credit I used my excellent credit score to build wealth with a little bit of knowledge and how to buy properties well this right here would have screwed me it's almost like we're getting straight-up tricked we're getting deceived one hand says yeah yeah yeah no problem you don't have to make your mortgage payment for three months the other says yeah well we're gonna loophole in and screw you this is bad be very very careful going forward if you know somebody who's doing forbearance or thinking about it make sure you send them this video everybody needs to be aware of this this is absolutely ridiculous thank you so much to those of you who are sending me this information if you want to send me information please do so I'm very very slow at replying an email but you can email me it's in the description down below I'd much prefer you join my discord chat which is where I'm much more active and able to communicate with all of you and mass so that way I'm only answering the same question once but I do have a special section for stimulus related questions I'd love to see you there obviously use the links down below check out the course let's get your two free stocks with we both get your life insurance within five minutes using the link down below really easy to set up and folks I hope to come to you with better news in the next video [Music]