Sign Arizona Banking Forbearance Agreement Simple

Industry sign banking arizona forbearance agreement simple

if you need to reach out to Wells Fargo about your home loan because you need mortgage relief in the wake of a national emergency what do you do my name is Michael was--like I'm a Florida foreclosure defense lawyer with Ricardo and was--like here in Florida and together with my partner Jason Ricardo we help people just like you overcome foreclosure and debt collection with day to day and today I'm going to tell you exactly what you need to do step by step in order to reach out to Wells Fargo find out what kind of mortgage relief is available to you in this time of national emergency so here we go first of all if you have Wells Fargo as your mortgage lender you're getting monthly statements from Wells Fargo maybe your original loan as Wells Fargo you might be thinking that Wells Fargo is actually the lender what usually is the case is that Wells Fargo is merely managing that loan as a mortgage servicer for somebody else who's the owner so the first thing you need to find out is who owns your loan is your loan owned by Fannie Mae Freddie Mac or one of the government-sponsored entities that backs home mortgages if they are you are eligible for certain types of relief and if they are not then you may be eligible for certain relief that Wells Fargo is offering solely to its borrowers now just because Wells Fargo is sending you those monthly mortgage Statesman statements does not mean that Wells Fargo is necessarily your mortgage lender you need to find out who that is they are definitely your servicer but they may not be who owns the loan so here's the first step you need to reach out to Wells Fargo and find out because they are your mortgage servicer how they can help you find out what relief is available now most people when faced with that question of I have I have something I want to ask my mortgage servicer most people make this one critical mistake and that's they pick up the phone never call your mortgage servicer and ask for information because it's almost never a good idea first of all when everyone else is calling right now you're going to be waiting on hold forever but secondly the information you get on the phone is not reliable if not recordable it's not provable and it may not be correct so here's what you need to do I'm gonna take you step by step first of all I always recommend that when you're dealing with any mortgage servicer you do so in writing and that is because unlike a phone call a written request for information to your mortgage servicer gives you rights under federal law gives you certain protections under federal law that a phone call just does not now you may have heard the term qualified written request you may be requesting information you may have noticed an error whatever it is you are asking your mortgage lender in writing to provide you information or requesting help about your mortgage loan the first thing to remember is when you make this written request for information or for help it is very important that you do it to the correct address if you send it to the wrong address you are not protected so I'm gonna go show you on the Wells Fargo website where the address is that you need to look at in order to tell what the correct address is to send your information so I'm going to share the screen with you in just a second alright now you should be on your screen the Wells Fargo the Wells Fargo webpage now if you'll notice here at the top it says wellsfargo.com slash help slash addresses now it's very important again that you look for the correct address you here are not looking for the corporate offices or you're not auto loan anything like that you are looking for a home mortgage address - right - it's very important that you send it to the correct address now you'll note here it says please note if you wish to contact us in writing to a certain error or make an information request you must use the address above that is a correct statement you must use this address if you want to protect yourself now here's the address for home mortgages it is Wells Fargo home mortgage and the PIO box is one zero three three five Des Moines Iowa five zero three O six zero three three five that's the address you need to write to now when you send your written request I'm going to tell you in just a minute what should be in that request but for right now you need to know that the address you're going to write to that is it so take a screenshot you know whatever you need to do make sure you get that editor's correctly I'm going to go ahead and put it in the description of the video below so if you if you're missing it here on the video or you need to come back to this later come back to this video look for the address it is right there so that is that's the address you need to write to you now what do you ask for the most important thing is you need to identify first of all certain information about your loan I recommend you always ask who is the owner of my loan and as a follow-up question you can ask is my loan owned by Fannie Mae or Freddie Mac I think those are very important things that you should know because depending on who the owner of your loan is it may affect the kind of relief you get it secondly I recommend you ask for a payoff statement that is a current statement of what is what you would need if you've sold the house this is what you need to pay it off and the reason you asked for that is because it will help you know for example if you have equity in your home so if your home loan is $200,000 in your home is worth $300,000 that means you have $100,000 of equity and knowing that can help you formulate the correct strategy to help you get through a time of trouble like we're dealing through right like we're dealing with right now so number one who owns my loan is it Fannie or Freddie number two what is the payoff of my loan and then number three tell them I am looking for help with my mortgage because I'm having you know whether it's an income loss or you know you have a temporary setback whatever it is you know in a you know right now with the pandemic raging I recommend you say I'm looking for help with my mortgage because I've lost my lost income some are all of my income due to the current pandemic period what options for loss mitigation are available to me or what options for foreclosure avoidance are available to me you can use whatever phrase you like because what options are available if I'm looking for help with my home loan because I've suffered an income loss whatever whatever however you want to phrase that is fine and you're asking for mortgage assistance now you may want to go into more detail you may want to ask am I eligible for a forbearance am I eligible for a loan modification if you already have a specific plan in mind go ahead and ask about it if you don't that's okay I'm gonna describe for you in a moment some of the options that are generally available to you okay and and not every loan is going to be eligible for every form of relief but these are the general types of loans that make there two types of relief that may be available so firstly right now many mortgage lenders are offering what's called a forbearance which is simply a pause on your mortgage payment obligation in other words if you have a mortgage payment due in April first and you don't have the money you can ask for barons of that payment you can ask for a forbearance for the next three months six months 12 months depending on who your who the owner your loan is and depending on who is handling your loan you can ask for a forbearance for a certain term of month and you want it to relate to what you would reasonably expect your financial situation to require so if you know you're going back to work in two months you might ask for a two month forbearance generally speaking if you have a Fannie or Freddie loan some Wells Fargo loans or Fannie or Freddie again you want to find that out you're gonna be eligible for up to six months and the initial forbearance and then up to 12 months in total now a forbearance does not relieve you of that debt it simply gives you permission to miss a payment and not have it be late yet most forbearance is especially if they're Fannie or Freddie are going to require you to pay a lump sum at the end of the forbearance period so if you miss three months you're gonna have to pay all three months at the end of that term if you miss six months you're gonna have to pay all six months and so on now you're asking yourself that's crazy how do I do that but there's a very simple answer is that the forbearance is just phase one of the 'really if you're looking for now you look at phase two what happens next you don't have to ask this in your initial letter but I'll talk about it in a minute so in the letter that you've sent to Wells Fargo you want to make sure you send it certified mail to that address which I've shown you you want to say who owns my loan is it Fannie or Freddie you want to ask also what's my payoff and then you want to ask what mortgage relief options are available to me during this time of national emergency those three things are fine send that letter off they're required to respond to you within five days they're required to acknowledge to acknowledge your letter within five days they're required to give you a meaningful response within 30 if they don't do that you actually right to sue them for damages and so that's why I'm sure when I said your rights are not protected by a phone call you do have important rights under federal law with respect to letters that you send asking for help this is a very important distinction between a phone call and a letter if they don't respond to your letter asking for help you have a right to file a lawsuit against them for damages that you suffer because that that hammer exists because that the the law has teeth you can expect Wells Fargo to actually respond to you in a meaningful way and if they don't then you're protected from any damages that might result from their failure so I recommend you send that certified mail keep a copy of what you sent keep a copy of your certified mail receipt and that way you can prove you mailed it if you need to prove it if you have to end up suing at the end of the day you've got that proof if they respond to you and they give you some options for mortgage relief then you're then you're in good position to evaluate what those options are so if all you want to do right now is figure out how to contact them that's the answer you can go ahead and yeah that's that's the information you need but if you want to know what other help is available from Wells Fargo I'm gonna keep talking about it here so I talked about a forbearance that's phase one you hit the pause button at the end of that pause you have an obligation to repay all of that mortgage all those missed mortgage payments and of course if you've been suffering an income hit during that time you probably don't have it so what do you do next it depends on what you what situation you're in so first of all remember I talked a moment ago about mortgage equity if you if your home has value one option you have is you can take out a home equity line of credit or you can take out a second loan on your home draw out of that equity for that lump sum and use that to pay it off that's an option it may or may not make sense for you individually but that option is there and that is a way for you to satisfy the lump sum requirement there are two other options that are typically available these are commonly going to be offered to Fannie and Freddie loan borrowers it may also be available to certain other wells-fargo borrowers that opt those two options are this a payment plan or a loan modification what a payment plan does is you would enter into a payment plan with Wells Fargo to stretch out the past due payments on a repayment plan over the next six twelve or whatever term of months that you all agree to and so you would be paying more than your previous monthly mortgage payment but you'd be doing so after you get back on your feet if you've had a temporary income loss let's say your employer shutdown for a temporary period of time and now they're reopened and now you're making income again and you can afford to pay a little bit extra then that's one option that's available to you what will be more commonly helpful to people is getting what's called a loan modification that is changing the terms of your loan it's taking those mortgage payments that you've missed and rolling them into the body of loan so you're stretching out those payments over the remaining term of your loan maybe even adding them to the end a forbearance does not add those two loan payments at the end but a modification can and so what you would do is you would apply for a loan modification with Wells Fargo they if you've gotten a forbearance your credit won't it won't be hurt and it doesn't really matter if you're applying for a modification anyway so what you would do is you would apply for a loan modification and then what Wells Fargo will do is they'll they'll review your application and then they will change the terms of your loan they will increase the principal balance to include those missed mortgage payments they may extend the lifetime of your loan they may add a few months to the end they may keep it the same they may increase your monthly mortgage payments a little bit or what they might do is they might adjust your payments either by lowering the interest rate or making some other change so that your missed payments are rolled into your loan in a way that's affordable for you to repay over time that's what a loan modification does it's a change of the terms of your loan and for most people that's gonna be the most likely way for them to catch up on payments that they miss during a time of national emergency during a forbearance that they've been granted by their mortgage servicer so I hope this has been helpful for you if it has been be sure to LIKE the the video if you have a question leave in the comments section below follow this YouTube channel for more tips and helpful hints about mortgage relief if after viewing the video you still have questions you don't think can be answered in a comment you want to talk to a Florida lawyer who handles mortgage foreclosures who deals with mortgage loans on a daily basis give us a call we'll give you a free 30-minute appointment our number is three five two five six seven three one seven three that's three five two five six seven three one seven three we'll give you that free 30-minute appointment we'll help you strategize for how you can get that mortgage relief you need to get through this time so that you can keep your home after everything comes back to normal so thanks for watching the video hope it was helpful for you see you on the next one