Sign Mississippi Banking Forbearance Agreement Simple

Industry sign banking mississippi forbearance agreement simple

hey folks dan free here at the raid update today we're going to talk about forbearance and there's millions of people that went through the forbearance process and the guidelines keep changing so what we're going to talk about now is once the forbearance time lapses what options do you have and i i watch a lot of videos on here um but it's the crazy thing is 99 of the people that are posting all these videos um are not even in the mortgage business and they get their their information from like google searches or wherever they get it from um we're a lender and so i wanted to give you guys the true guidelines behind all your options that you have available to you once your forbearance time lapses so that's we're going to talk about next don't go away my name is dan frio i do the rate update i post every day on youtube giving you guys information on mortgage rates and what's going on that day would i predict an economic news out that week and then i try to forecast as far out as i can but the tough thing is is once you get out past a few days and weeks it's a guess and i'll be honest with you you know the weatherman can't even tell you it's monday today they don't even know what's going to do on friday so there's so much economic data that comes in on a daily basis that you know anything can spur the market one way or another you know so if somebody comes back and says that you know the stock market's gonna be up tomorrow for sure they don't know um so that's why i try to post these videos to let you guys know what's going on in the mortgage business i'm a mortgage lender have been doing this for 32 years i'm providing all this information to you guys and i created my channel basically to debunk all the nonsense out there because a lot of people try to get you know when i'm watching these youtube videos a lot of them are trying to get click bait and try to make money on youtube but are they really giving you the accurate information so i want to go over today um how forbearances or a forbearance affects you and your options once the forbearance time has elapsed so this is hot off the press i just got it from my head underwriters today again we're a lender these are facts these are what we can or cannot do so i'm going to go over conventional financing fha va and usda so if you have one of those pay attention because this might give you great options on how to refinance once your forbearance is up here's what i'm foreseeing is the government came out and fannie mae and freddie mac came out and said we're going to allow forbearances to go another they extended it one more time well they're pushing it all the way now to a year most of these cases started in march and april of last year so my prediction is in march and april this year a lot of people are going to get blindsided they're going to get this bill to say you know you can bring your account current and you need to send in 20 000 or you know your payments gonna go up two or three hundred or we're gonna add this big chunk at the end of the term now i might be able to kill a few birds with one stone for you in this process one most likely if you took out a rate over your loan over a year ago which you did because you've been in forbearance for you know coming on a year in most cases over the past year rates have dropped almost on average one full percent doesn't matter which program you have fha va usda conventional jumbos almost every criteria or every every program the rate's down about one full percent of where we were a year ago even two years ago so the first bird we're gonna kill in this situation sorry to analyze it that way is drop in your rate okay so that one that that should save you some money right there the second thing is you've probably had your loan two to three four years so possibly to get you out of the hole again is we can go back to a 30-year term thus even reducing your payment even more okay so because of those two scenarios we should be able to put you in a much better position the next thing you got to realize is we we can do is factor and do the math behind all of this is here's your mortgage now and again you're gonna have one of three scenarios one you have to bring a chunk of money now to bring that account current okay option two is they will or the lender could amortize the your deficiency over maybe a 12-month time frame or a two-year time frame these are all ifs because we don't really know what's going to happen so let's say for example you owe twenty thousand dollars and they say okay we're going to divide that over the next two years it's going to add another say thousand dollars to your current mortgage payment can you afford it maybe not the next thing is you might say well they're just going to throw it on the back end but all this time you have interest accruing on that plus now you have a deficiency balance where there's interest growing on top of that as well so all those are a bad scenario so here's my idea for you look into refinancing okay so here's the information that's hot off the presses you see you hear a lot of information saying you know fannie mae and hud and fha and va they've extended um the forbearance time for another three or six months or so but what a lot of people aren't discussing with you is once it's over now what so i want to give you information just to arm you on here's what i can do so you don't freak out and say oh man now my payments are starting to come due i can afford what i was paying i can't afford a thousand dollars more i can't afford to bring twenty thousand dollars right now to bring my account current am i gonna lose my house well don't worry be proactive instead of reactive so let's go over the guideline changes that just took and how we are underwriting for the forbearance process let's start first with conventional financing so conventional financing reads this if paid mortgage current at end of forbearance can refinance with no wait time so meaning if you paid your forbearance current obviously i don't have to read this again to you if you paid it current you can refinance with no wait time however if we have any of those other scenarios where you didn't pay it forward or pay it current you amortized over the next 12 or 24 months to you know increase your payment or they threw the balance on the back end you have to make three payments on time once the forbearance is over you have to make three payments then we can refinance you okay however government-backed loans which is fha va and usda here's a great um a great opportunity for you to refinance and not have to bring the account current here's how it reads fha doesn't require payments to be made up they don't review them as late but if the mortgage was modified three payments based on the modification has to has to be made so basically what they're saying is your forbearance comes due on an fha va and usda loan if you didn't modify your loan during the forbearance time we can refinance you because those late pays that you made aren't truly showing as late payments okay so let's let me make it simple you have an fha va or usda loan you went in forbearance last june january this year the bank's finally saying you know forbearance is over you have to start making payments call me why because they your lender might require that you bring one big payment to bring it current they might adjust your payment up two three four up to a thousand dollars a month increase your payment to bring it current or recoup those missed payments that you made or they added on the back end and you're going to have interest accumulating on interest so i highly suggest call let's refinance again let's recap the refinance process you don't have to bring those payments current we will have to um add that any deficiency balance into your loan amount but let's look at extending the your term back to a 30-year term and i'll get to that in a second because i don't want you to pay any more on this than you have to what i'm trying to do is get you out of a hole okay so we'll pay the account current you're going to get a lower interest rate and we're going to extend that loan back to a 30-year term let's say for example in a great world let's say your payment just remains the same well you missed six eight 12 months mortgage payments so let's say okay now we can keep the payment the same it's a win-win for you versus what's the alternative you bring in 6 812 payments you send that to your mortgage company do you have it maybe not if they wanted to recast your loan payments for the next year your payments go up four or five six hundred bucks a month can you do that maybe not and you sure as heck don't want to have to pay on a 30-year mortgage and then oh another 20 or 30 thousand dollars so we can look at is again refinance your current balance plus the deficiency balance putting it on a 30-year term at the lower rates because again if you closed your loan a year two three years ago rates just are at historic lows your rates almost by all means going to be lower than you're paying now okay so now what happens is we get you back on track okay so three four six months 12 months down the road you everything is kind of settling out we've we've established some money in the bank for a savings account so if this happens again you're not in the you're not at the bank's mercy again um and you start fresh so that gets you out of that hole every other scenario puts you into a deep deep hole where this scenario actually is a win-win for you so please leave some comments down below we're going to start videos this week going over asset management how you can maybe retire on time we're gonna go over stocks bonds uh roth iras retirement accounts cryptocurrency which is a hot word right now and so much more but this video is based on forbearance and how to get you out of the forbearance with the best scenario possible so if you would like to reach out to me or my team i'd love for you to be able to do that and here's here's the best way to reach it the best way to find out more is go to our website thereupdate.com you can scroll down right here is our 800 phone number it's 844 775 loan that's 844-775-5626 or just click up here apply now it's a 100 secure system and once you're done through that process it'll take you about five or six minutes to complete but based on the answers that you give it or the in from inputted data that you put in it'll ask you for some certain documentation such as if you're a w-2 employee it's going to ask you for a pay stub in a w-2 it's going to ask you for a mortgage statement it's going to ask you for some other things it is 100 percent secure and by doing that it gives me all the tools that i need to figure out the best scenario for you and then i'll get back with you probably within the hour and with the game plan so that's all i've asked you to do if you liked the video please don't forget to give me a thumbs up subscribe down below smash the the uh bell down there so every time i do post a video you get an alert but the main gist of my channel is to advise those on the mortgage business what's happening with mortgage rates the mortgage industry housing and so forth we are putting together a whole new tutorial program on wealth management so stay tuned that'll be coming out in about a week god bless take care have a great day hope to hear from you bye you