Sign Alaska Banking Forbearance Agreement Fast

Industry sign banking alaska forbearance agreement fast

[Music] hello um as you all probably know i've been trying to post um about the coven mortgage forbearance plans and how people are kind of transitioning out of these plans and so the purpose of this video is just to go through uh kind of more in detail the fannie mae's deferral option if you are somebody who has a fannie mae loan meaning your investor on your loan is fannie mae this would be one of the options before i get into exactly the fannie mae requirements as they're listed right now i just want to quickly recap if you are somebody who is in one of these covered mortgage forbearance plans at the end of your forbearance period right now there are about four main options that you can do to kind of transition out of that plan and kind of move forward without you know being defaulted and going into foreclosure so the first of the four is a reinstatement that's very straightforward basically means the amount of payments that you missed for the time that you are on your forbearance plans it gets repaid in full if for whatever reason you're able to do that you have the finances to do that and you reach the end of one of your forbearance plans that's probably going to be a good option for you so number one is reinstatement number two is a repayment plan there is another video on this page that goes into detail kind of between the difference between a modification and a repayment plan but just real quick and generally a repayment plan would mean that you resume making your regular mortgage payments but you pay a little bit extra every month until you're brought current again for the payments that you missed you want to make sure if you get on one of these that it's in writing you know what your payments are going to be the bank has told you you know here's how long this repayment period is going to go you don't get to determine that so it's not like you just start sending in your payments with a little bit extra you actually have to speak with your bank and come to an agreement and get put on a formal repayment plan repayment plan is option number two option number three would be a loan modification there's a ton of other information on this page about what a loan modification is and you want to talk with your servicer about those options and your investor to kind of start that process it is a negotiation process you will have to submit a package to get put on a loan modification but just generally again a loan modification is a way for them to take the payments that you missed and kind of attach them to the end of the loan and you just resume making payments there is another option option four is what they're calling deferment or a partial claim a partial claim is the name for this process if you have an fha loan if you are somebody with an fha loan and you want more information about a partial claim there is another video here about the standalone partial claim but the purpose of this video is to go through the fannie mae deferral process so for these coven mortgage forbearances fannie mae is allowed to defer up to 12 months of missed payments um and basically put it on the end of the loan or attach it to the maturity date of your loan and so what that means is if you let's say you were on a covert forbearance for three months or for six months that would be under the 12-month period and one option if you have fannie mae would be for to ask for a deferral and what that means is you would essentially just resume making your regular mortgage payments you would not pay the amount of payments that you missed immediately but the missed amounts of payments would be attached and become due at the maturity date of your loan meaning they would defer the amount that you missed till the end of the loan it's similar to a partial claim again they're they're similar options they're just kind of called different things depending on who your investor is for fannie mae to approve you for a deferral two things have to be the case at this point based on their guidelines number one you have to have resolved your code issue meaning whatever caused the initial hardship so if you were out of work if you know you had to close your business for a certain amount of time whatever caused your initial hardship related to covet has to be over so if your business is still closed if you are still only working partial hours or not back to work full time a deferment might not be an option for you because fannie mae might be able to deny you from this option because they will say that your covid hardship is not resolved so if you have questions about you know kind of what that means or how to prove that it is resolved or whether your hardship is resolved you might want to speak directly with your bank just kind of generally about those options before you apply for a deferment but basically the covid hardship has to be over your income has to you know be fully back to normal in the household you have to be able to resume making those mortgage payments so covert hardship resolved the second requirement is you have to have been current on your mortgage or less than two months behind in march of 2020 meaning if you were far behind when covet hit even if coven made things worse for you which a lot of people have that situation going on but you have to have been very close to being current or current on your mortgage meaning if you are super far behind when covet hit more than two months behind fannie mae might not be able to consider you for a deferral as of right now fannie mae is saying that there is no response package required what that means is you should be able to ask for and receive a deferment if you meet the requirements of having your covet hardship resolved and having been current or less than two months behind in march of 2020 they're saying you should not have to fill out an application again this just came out so how this actually gets applied by the different lenders is still kind of unknown some lenders might require that you put something in writing we don't really know how they're going to actually do this but the guideline does say that there shouldn't be a big application process involved so if you meet those requirements and you have fannie me as your investor you might want to start having a conversation with your lender about whether a fannie mae deferral of your payments that you missed during your forbearance period is a good option for you thanks