Sign Hawaii Banking Forbearance Agreement Later

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every payment that you had made up until that point that the total balance was caught up is delinquent so now the clock stops that's the problem so uh today i am here with my good friend greg aftayev of homestead financial and i decided to pick his brain a bit uh because i flat out don't know this answer listening to all these talk radio shows and listening to the media and reading all this crap on the internet about forbearance and people say forbearance isn't forgiveness but then what is it and just as a service to my clients to everybody out there who's a homeowner and is has these same questions i'm in the industry and i can't make sense of this so i called greg and said can you do me a favor sit down with me for a couple minutes and get this through my thick skull what is this and is it is it even really a wise idea for somebody to do i mean there's a there's a bend in the reality of this you know people are asking themselves what do i lose if i don't do a forbearance or what do i lose if i do our job now as a lender is to dictate this information as it's the worst possible thing you could be doing as far as your credit the education isn't there you know in layman's terms of forbearances i set up an agreement with the bank that i'm making my mortgage payments to for a set period of time for some type of financial hardship i lost my job i can't work whatever the particular reason is what they're not telling you is the setup and the downfall we get around we say we're all in quarantine your credit becomes in quarantine by filing a forbearance agreement the first thing that happens is that your creditors are let knowing that there's a forbearance that exists this forbearance says i can't pay my payments on time so what's going to happen what other credit lines do i have that they're going to kill those lifelines for so i've got a credit card for ten thousand dollar balance uh ten thousand dollar limit and i have a two thousand dollar balance well there's eight thousand dollars that i could maybe live on you're going to see your balances start your limits start to drop or they might get canceled together it's not uncommon the forbearance agreement doesn't let anybody else know except that you just so in a nutshell what you're saying is is that i i because you know it's all over the news these people are saying i should i should do this i call my lender or i call my mortgage company and say hey listen i'm having a little bit of issue here maybe i'm not even having an issue maybe i'm still making pretty well the same kind of money and i can make my loan payment but i'm led to believe that i just don't have to for two or three months it's pretty exciting now people think about stimulus checks yeah not having to pay this or if i buy a car it's six months without a payment they think it's great it's been nothing but positive they don't break down the altercations as to what's going to happen that's where the education has been led astray or the lack of education altogether and so so what you're saying is is that you know i i call my mortgage guy and i say hey listen i i can't make my 2700 a month payment or i can but i'm going to say hey i hear that i can take him and just wipe this off the map and he's going to say no problem sure yeah yeah it's not a big deal but what he's not going to tell me is that three months down the road or four months down the road they are gonna say hey listen yep you don't have to make this but it's hurting me with all my other stuff that i've worked so hard to build well ten years ago a forbearance was i four months behind in my house i'm a seasonal employee i don't i'm i'm not working right now and then when i was supposed to work it didn't work out maybe it was bad weather or whatever the point is i owe a thousand dollars a month and i can't make it and i'm four months down i need help now a bank if they're smart they're going to determine what your equity position is in the house if it's nothing to speak of if it's in and around that 80 percent well if they take 20 off the top just to sell the property that's why people buy foreclosed properties they're gonna rather work with you so they'll say okay brian you owe four thousand dollars so for the next two years you're going to add 200 to your mortgage payment until it's caught up okay okay so i'm back on my feed and everything is great you're gonna have your credit run and you've been in a forbearance agreement every payment that you had made up until that point that the total balance was caught up is delinquent so now the clock stops that's the problem that's the big problem oh my yes yes well that's a bit of a problem kind of sucks a little bit yeah i'm thinking so and and this is one of the reasons i wanted to do this so my job you know my whole job it's not selling houses that's not what i do it's protecting my clients and it's referring them to the right people you know whether it be the right inspection company to use the the right appraisal people to use that kind of thing that's why i'm here to get this education out to my clients because you guys are who are important you know i don't have a dog in the hunt when it comes to whoever you use for your mortgage that doesn't doesn't affect me but affects me when their credit is trashed because five years down the road three years down the road whatever time it is and they come to me and say hey listen yeah it's time for me to sell my house um we're having another baby we want to move into something bigger and then all of a sudden it's like well yeah but you had this and now you can't do anything because this is on your record and i can conspiracy theory this too um lenders have been trading money for the last two years where the average consumer has been refinancing on the average no more than three years whether i'm buying i'm selling i'm putting a room edition on or i'm paying off some credit card debt you name it now rates have gotten so good and they've taken plummeted drops so brian rankin's refinanced an awful lot of debt and then seven months later does it again because it's an even better payment that's not what a bank's idea was when they loaned you out this money but being in a forbearance agreement you're locked down i got you i got you for three years or four years until you finally caught back up then that investment has been made so i think that's in my opinion and again this is just the experience i've had doing this as long as i have is that is not a prepayment penalty we don't have those anymore but you can't go anywhere if your credit doesn't allow you to but you're back on your feet and making your payments you've solidified that bank relationship it's just my theory yeah you're wrong i was gonna say i for me everything is you know there isn't a lot of black and white sometimes especially whenever we're listening to the media and we're we're reading what we read on the internet it's like what is what is good for me what is bad for me for me it's like what is great for my clients what is terrible for my clients and a forbearance if you can make your mortgage payment make your mortgage payment you can make your loan payments of any sort make them um yeah maybe you don't pay off your credit card that month maybe you let it go a few months and deal with the interest if you're in that kind of position do me a favor call somebody that knows greg will answer your questions i guarantee you somebody eventually will put his phone number up there and call him because these are questions that if i got him i guarantee you 90 of my people out there have these questions too and they just want to hear it straight they don't want to hear all the other you know sugar-coated crap that's out there they want to know is this bad for me because i listened to one talk radio guy and that financial guy was like oh no this is great oh my goodness yeah it's gonna it's gonna relieve the stress off of you you're not gonna have any problems life is great and then 30 minutes later there's another guy going on it's like what are you stupid don't you even think about doing this because what is going to happen to you well there's been situations where we've all made a mistake forgot to make a car payment or i just had a financial problem but announcing it to the credit world that you're in that i no longer can make payments you're better off not making that payment and then trying to catch it up from a lending guideline we care about what your life was for the last 12 months so here comes june and brian can't make this payment well he caught it up in july but for the next 11 months until that june payment falls off maybe you can't do any lending but your credit cards are intact we didn't drop your limits you didn't announce in the world you just fell on some hard times it's it is what it is but don't make it bigger than what it it's financially it's unfortunate right yeah but by announcing to the the lending world that you're in that you no longer can make your payments is the slow down that's that credit quarantine because long after we're out of this you're handcuffed now what if you have 40 50 000 in equity that you really could use to get ahead you're going to find out now and you'll see it in the weeks to come too the only kind of lending you'll really see is purchase money and rate internal fine-tuning the mortgage that you have a 30-year to a 20 or what we're seeing now is the 15-year back to the 30. skipping a few payments and then just allowing that personal economy of yours to to stay strong and heal you're not going to see the outs the lifelines are going away even if you have excellent credit you're going to see your credit card limits drop because they're trying to reduce that that liability sure yeah we'll see and that's i guess that's the big thing i wanted to bring with you guys or bring to you guys today is that you know i i don't have the answers i have a lot of questions don't have the answers i'm sure you guys are as confused as i was too call the people that know call the experts give greg a call he'll be happy to run through your situation and be able to explain because maybe it's not maybe everybody doesn't fall in that same mold but i'm going to guarantee you that 95 of you probably fall into the mold where yep i can still make my mortgage payment i can still make my credit card payments i while i would love free money i don't want free money that's going to hurt me after i've spent all these years to build what i have i don't want i don't want that negative part on me just want to make my payments and be okay um so i appreciate you taking the time to watch the video today greg you have anything else to add since we haven't had haircuts for a while we look like this uh yeah we look like an old boy band back on tour yeah we actually have matching haircuts now yeah it's pretty crazy when i go back in my basement [Laughter] well the quarantine will be over soon we hope and life will be back to some semblance of order we'll be able to actually be on like bar stools right next to each other instead of down that's never happened i know never never once so thanks for listening guys and if you have questions feel free shoot us a call give us a text send us an email or just drive by his house stand outside write your notes on a big card he's got a white board he'll stand out there and answer