How Do I Sign Connecticut Banking Forbearance Agreement

Industry sign banking arizona forbearance agreement computer

hi guys christian here coming to you with a new video on what just came down from the white house where president biden has extended protection for homeowners here's everything that you need to know if you own a home or if you're a renter we'll get to that too at the end of the video so this news came as a double-edged sword because people are still struggling with their mortgage payments and it looks like 2.7 million homeowners are currently in some type of coveted forbearance so it's extending their paws on mortgage payments where they don't have to make a payment and it's been going on now for almost a year started last march but as we just learned president biden has extended that foreclosure moratorium until the end of june so now that gives people an extra three months april may and june to not have to worry about making that mortgage payment they can get that forbearance extended for another three months but that just kicks the can down the road because we're in a housing shortage right now when it comes to the properties that are available across the country so prices have been going up dramatically but unfortunately forbearances do not help people that are in some type of a hardship where they're still going to have a problem making their payment at the end of the forbearance period so now it looks like we'll be waiting until at least june to see where this all shakes out if you're wondering if your mortgage qualifies about 70 percent of borrowers out there are eligible for the additional forbearances there are about 2.7 million people as we learned that are still in some type of forbearance so they should still be eligible to extend the forbearance for another three months if you need to request a forbearance you can do so with your lender there's a guide on the consumer financial protection bureau's website and that'll lead you through the steps on exactly what you need to do in order to get that forbearance the nice thing about this forbearance program is that you don't need to provide a bunch of onerous paperwork in order to get it you just need to attest that you've suffered a financial hardship which can amount to just about anything from this pandemic so almost everybody will qualify do you need to do anything if you're already in forbearance you need to contact your lender and ask to automatically renew it but that's about it and how long can you be in forbearance for well it's gonna be up to about 18 months now um based on the cares act and what homeowners are going through they had originally two 180 day relief periods but now that's getting extended for an additional three months one of the great things about this forbearance package is that you don't need to make up your payments in one lump sum at the end of the relief period which is great because most people can't come up with tens of thousands of dollars in order to pay all those missed payments it is going to be tacked on to the end of the loan so if you've got a 30-year mortgage that'll probably take you up to 31 years or 31 years and three months now where you need to make those payments all the way until the end in order to pay off your mortgage but at least you can get these forbearance and you don't have to worry about making one huge payment when it does start back up now at the end of june or beginning of july you'll just be making your normal monthly payments so what we learned is if you're at risk of foreclosure you won't need to worry about anything until the end of june we've seen that in san diego where the amount of foreclosures has dropped off precipitously from the beginning of 2020. there are almost no trustee sales now which are the foreclosure auctions that happen in california so realistically we won't start seeing trustee sales start back up now until july there will be a backlog of foreclosure sales that do happen as this kind of makes its way through the process but there also will be a lot of people that have equity now that can sell their home and not have to worry about going through foreclosure if you're a renter there are a ban on evictions through the end of march and in california that's actually through the end of june now there's also 25 billion dollars in rental assistance that's out there and you can check out everything just go to the link down below to this article and you can see everything that's available for homeowners so this is great news for most people that have a mortgage and even renters now are starting to get some assistance i'm sure that this will all work its way out as we get to first off the end of march and then now the end of june we'll start to see some low modifications come into place and also to hopefully rent forgiveness will come in or at least a repayment package that is a benefit to renters out there and will hopefully keep people from having to be evicted for non-payment so if you haven't already make sure you smash that like button and if you're new the channel 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