How To Sign North Carolina Banking Forbearance Agreement

How to industry sign banking north carolina forbearance agreement

hello everyone I hope everyone is well and thank you for joining me today if you have any questions about your mortgage please um type it in and ask Connie so let's bring Connie McClendon she is a recovering paralegal like myself she is also a lender and the co-owner of exit Magic City Realty so let's applaud her yay oops let me turn off the volume here so come on Connie hello yay nice nothing I can barely hear you Oh hearing you hey can you hear me now a little bit better oh yeah technical difficulties that's been our life since this isolation let me see if I can read your lips yes can hear me not very well can you um oh there we go I can hear you can y'all hear Jan can you hear Connie I had the volume down really low ah Jan fuller has joined us Jane can you hear Connie Jan's muted me I'm accustomed to that anyway I think it was my fault hey Barney thank you for joining oh yes jan-ken here so Connie tell us a little bit about yourself about where you were born how about your parents not just kidding just your career well I've been in the mortgage industry since 2006 in Greensboro North Carolina and I did it probably until about 2010 when the when the mortgage industry crashed it was really difficult to get mortgages for people so I took a hiatus for a few years and got back into it and then for the last gosh almost five years now I have been the branch manager with Alcoa mortgage Wow Wow so talk about your transition from well you're still in mortgages but you also own the little business I do I do I am the co franchise owner of exit City Realty in Birmingham and Jana Mays one of our fabulous agents we have so many yeah and she's one of them and and I happy one very happy thank you we're very excited to be in Birmingham and we just you know love helping people and love helping our agents help their people yes yes that's that is like the motto of our office is to serve so that's if we Barrington North Carolina look at Oh Jan Jan all about I think James other best friend lived in Burlington North Carolina is that right Steven Allen has joined us George Bryant has joined us ask us bring on your mortgage questions last week you shared a video with us in the office do you want to talk about that about forbearance your credit score yeah yeah I just wanted to make sure that that everyone knew about the forbearance that a lot of the banks are are putting out there for their customers and you know this might change so you know watch out for it but right now a lot of the banks are doing forbearance they are letting you quote skip close quote up to three mortgage payments however instead of tacking those mortgage payments to the end of the loan they are going to make it payable on the fourth month so say that you do not pay your mortgage payment April May and June then in July you will owe for four months April May June and July so if your mortgage is $1,000 a month you would have to pay a thousand for April a thousand for May a thousand for June and a thousand for July and that's four thousand dollars so be very aware of that and and when you're talking with them it's this is something that you want to do that's fine but make sure you understand that they're not tacking it on to the end of your mortgage you may have a 30-year loan you may have twenty years left on it they're not going to tack it on at the end of that loan it's going to be due the fourth month so just make sure you're aware you're that and and tell your customers that it's a great thing to talk about with your with your past customers that you've helped her purchase a home well I think there's consumers on this so on this live dang I'm froze we're frozen okay so yeah Realtors and consumers on this live right now is only see consumers and but um you had also said you know if anything if possible pay your mortgage and put you know work out something with your the rest of your bill said it's better to continue to pay your mortgage than to do the forbearance if you can exactly if you have car payments call the banks that hold your your car note and ask them I've heard a lot of banks are going to add on those months to the end of loan whoops can hear me yeah sorry I'm turned go ahead baby that they will that they will add on the payments to the end of the loan because most of them are 60 months maybe 72 months so you know they'll tack it on to the end however some of those banks will tack on the interest as well so when you talk to them some of them might let you take the interest just the interest I'm so sorry Connie you can hear me it's my bad I'm trying to play from Facebook glad to see the comments that keeps freezing and I refresh and then sound comes back got a lot of technology but but just make sure if you talk to your to your auto banks that yeah that you know how they do it also call your credit card companies and see if they will let you you know work with them or your utility companies just you know call everybody if you need to and and see what they have available but do everything you can to make your mortgage payment yes yes because we don't want you people losing their homes you also mentioned something about the credit score increasing their credit score yeah a lot of the banks are cracking down a little bit on credit scores they used to do you know 600 620 credit score but now they've upped it to 640 even 660 they will not do a mortgage for less than that so what you need to do if you're interested in purchasing a home anytime soon you need to contact the lender let them pull your credit and see where you are and if you need to get your score up a little bit they can help you and explain how you can do that they can either do that through paying some some debt off or at least down you know if you're at your credit limit you know there's several different ways that you can you can do that but you need to go ahead now and speak with a lender to find out about your scores that way in three months or six months whenever you're ready then you can go ahead and start looking for a home yes and yes I have mentioned it it's like beating a dead horse had a listing went active the evening of April 1st April 2nd there were 17 showings in the morning of April 3rd there was a contract on the house so there are buyers out there people do need houses and there are sellers and you know if you thought about buying a home this spring but and then this koban 19 crisis pandemic came down and you thought you should wait now might be a good time because of the low rates if you've got all your ducks in order so don't let this cove in 1902 back from your look from your dreams do y'all have any questions hey Tina Tina Cooke joined us any questions for Connie about mortgages refinance since rates are low is it a good time to refinance Connie depending on what rates you have right now the rates to refinance depending on your credit score could be in the high threes or the low fours if you have a lot of equity in your home and you're you know having issues paying your bills maybe you could take some equity out of your house and do a refinance a cash out refinance some money to pay off some of that debt if you need to so to do refinance cash out we you would have to be employed now correct okay right so if you're one of those I'm so glad I'm a I'm my own business because people are getting laid off and it's heartbreaking and I really want to smack some employers anyway that's my personal opinion so those are the people who would need help financially is there anything I could do go ahead well also you know hopefully they're gonna open us back up May 1st I'm praying that they do so as soon as someone gets back on the job because a lot of these people that their businesses will open back up they're just closed down for a month or you know three weeks or whatever but once they get back on the job then they can go ahead and start with their refi cash out and then they would be able to catch up if they were behind on any bills awesome so that there's you know always a light a silver lining isn't there you know all this is going to make us tougher and smarter and I don't think we'll go back to being normal and I don't want it to go back to normal I want us to all grow and be better because of this weirdness all around I'm grateful for closing every day yes yes and we're having drive-up closings tell them about that Jana yeah Glen well lenders have made adjustments as it laws rules have been eased up so where you used to have to sign relax sign a stack of documents like this that closing they've got it and had to be wet signature not no electronic signatures well you can do more electronic signatures now and where there is a wet signature they've reduced the stack to like 17 pages and different closing attorneys are handling it different some do drive-through closings where there's a closing attorney bouncing between two cars buyer-seller you know with gloves and everything sanitized there are some you go into separate rooms and everybody wears clothes and masks I preferred the drive-through I think that's the safest I think rely settlement does the drive-through I'd feel safer yeah listen to a podcast yes they will continue to let people esign most of their documents and I think yeah I hope so so Lori Paul joined yeah Lori Paul love Pam das crane yay we got some super headers joining us do y'all have any questions for Connie by the way Jan my best friend used to live in Burlington North Carolina Jan are you still on she's waiting for a phone call yeah I know she has a very good friend a best friend she has two best friends well more three best friends in one of them lives in North Carolina I don't know if it's Burlington or not Holly McManus joined us hey Holly and I will also tell you that you know rates right now we're still holding steady around the high threes low fours depending on your credit score now with so many people being out of work I don't know if those those rates will go down any um usually when when the economy's management or rates will go down but you know we just don't know so we're all kind of holding our breath just to see how this goes hopefully when they open us back up and hopefully it's May first then you know we'll know more and May first is a special day it is my husband's birthday just say yeah there you go everybody's around the world celebrates May first and we will really be celebrating if they open everything up and we get back to business not back to normal but back to business exactly Debbie Drury joined uh Debbie come on bring out some questions yeah bring on some questions dan you got any questions my love mortgage so to recap what we discussed is forbearance mortgage forbearance and we also discuss there's an increase in the credit score and no we got a heart I love hearts bring on more anyway so the next next thing we're doing Connie and I argue I need this hair Connie and I need to not need to we are doing a homebuyer seminar this Friday at 2 o'clock on my janam a realtor exit Magic City Facebook page and if you know someone who's thought about buying a house it's going to be very educational and we and bring questions so invite family members friends who have thought about buying a home to this seminar C minor camera-shy oh that's so sweet see yeah well she lives with two big rambunctious baby so don't puppies babies that's awesome so um y'all stay tuned come hang out with us and ask questions but you know say you've had a bankruptcy in the past and you're ready to buy Connie can give you all the information you need so y'all stay tuned come join me this Friday at 2 for another oh no it's it's a home buyer seminar it's not a business and unusual and I really thank all of y'all for joining us you have any last words before Friday no I just want everybody to stay safe and if you know it one that's interested in person purchasing a home please have them join us because I think it'll be a lot of useful information yes yeah share 'invite and I look forward to Friday thank you so much Connie everyone stay healthy stay stay mmm and stay home if you can and social distancing and I miss hugs I want to hug everyone anyway I miss y'all bye bye there we go