Sign North Carolina Banking Forbearance Agreement Secure

Industry sign banking north carolina forbearance agreement secure

hi i'm eddie blanco i'm the broker of stratwell and i'm talking to you today about mortgage forbearance a couple months ago i did a video and today i'm giving you updates of what's changed and what you need to know [Music] let's talk about mortgage forbearance before we get into it please take a moment to comment below subscribe and like and share this video if you think anybody you know might be able to benefit from the information shared here in this video first off what is mortgage forbearance mortgage forbearance is simple it's an agreement between you and your loan servicer to temporarily suspend mortgage payments until a time when you can get back on your fee and make your payments again that's it what's different about mortgage forbearance today mortgage preparers today is really all about the cares act in the cares act they just recently passed because of covid they're giving two major factors about the cares act and how it relates to mortgage forbearance the first protection as part of the cares act the federal government said that any mortgages that are insured or guaranteed by the federal government those are loans that are owned by fannie mae freddie mac hud va they're governed by the federal government all under the umbrella of the fhfa now you don't know by your mortgage servicer who really actually owns your mortgage to find that out there's a link below where you can find out whether or not your mortgage is owned by one of these organizations most are but it's important that you check and if you're having trouble finding out there is a template letter in the link below that you can access and send to your servicer or you can just call your servicer and said who owns my mortgage that's an important thing to find out the cares act provides two protections for borrowers number one is no mortgages that are governed by the federal government overlaid one of those fannie mae freddie mac those those that have already covered none of those can be foreclosed on until at least august 31st 2020. some people speculate that that might be extended but as of right now it's august 31st 2020 there's a hold on any mortgages owned by those entities number two the mortgage servicer must allow you up to 180 days of forbearance allowing you not to pay your mortgage for up to 180 days and you may even qualify for an additional 180 days bringing your total mortgage forbearance to 360 days of non-paying your mortgage mortgage forbearance is not for everyone it's good for people who have a temporary situation like this situation with covert where your temporary lost your job and that works the concern for me is what happens after you haven't paid for six months what is the bank gonna do now here's where the update comes fannie mae and freddie mac already acknowledged and said to the servicers that they must be working with the borrowers and allowing them to not have to come up with a lump sum payment here's my warning to all borrowers do not take mortgage forbearance unless you really absolutely need to a lot of people thought this is like a mortgage vacation well you know the federal government's not letting the bank take you know my house so i'm just not going to pay the mortgage for six months and see what happens i don't recommend that i'd avoid that at all cost obviously this is a good program for people who have no other option but if you have another option pay your mortgage because you don't want to be one of the 4.7 million people that are currently in the mortgage forbearance program if you must take your mortgage forbearance choice here are some tips for you to consider number one make a call to your loan servicer tell them that you need mortgage forbearance when you do if your state allows with permission from the person you're on the phone with record the call so that every that conversation is recorded and you have a copy of that recording of everything that was said on that call that's important and you'll need that if you run into a problem six months or a year from now and you need to involve an attorney so make sure you record the call if it's allowed by your state in florida it's allowed if you record the call with their permission number two make sure you get it in writing get whatever they agree to ask them to send you a copy in writing and when you receive that document make sure you read it and make sure it's in line with what they agreed to and keep a copy of it and if possible get from them in writing what is going to happen at the end of the mortgage forbearance period okay i don't have to make my payments for six months but what happens at the end what are my options if at all possible get them to give you the what it what will happen after the mortgage forbearance period is over so after six months of non-payment what are going to be my options at the end of that six month forbearance period they should give you those options in writing and if you can get those ahead of time that would be great so what happens after the mortgage forbearance people period this is the part that many people don't understand it's not money forgiven you have to do one of these options number one is repayment right so you have to just take a lump sum and pay your last due six months in arrears pay it up front right now so most people aren't going to be able to do that if you couldn't make your mortgage payments for six months it's not likely that you have a chunk of cash sitting around that you can just put down maybe you can figure that out maybe that's an option for you another option is deferment like you're able to defer the payment so you're able to get the mortgage services to put that that at a later time say okay i can't pay it to you now but i'll pay it later in a deferment that's an option as well you've got to talk to your mortgage servicer to figure out that's a possibility for you another option is a mortgage modification you can modify the terms of your mortgage but here is an important thing to understand about mortgage modification mortgage modification the lender cannot modify your loan and set you up on a payment that you can't afford and they're the ones who will determine based on your income and debt ratio your employment current status whether or not you qualify for that mortgage so you might be able to you might say to them yeah but i know i can make the payments and say yeah but you don't qualify based on our standards so you're not going to be able to get this loan modification and that's the thing a lot of people don't realize and then refinance refinance is an option but it doesn't qualify for everybody and some lenders aren't able to refinance you if you've been in a mortgage forbearance so that's going to be tricky i think the important thing to understand in the mortgage forbearance is it's not as easy as it looks be cautious about it but don't be afraid to reach out to your loan servicer and ask the questions you need don't avoid the mortgage servicer and certainly don't miss payments without speaking to your mortgage servicer and also i'd like to say is don't be afraid to sell your home i mean if if you're in a position where you see you're in an industry where the the the road is not very clear and you have equity in your home there's no shame in selling your home now when the market's good cashing out your equity and getting your home sold and then renting for a while and then getting back into home ownership when things stable anyway i hope you found this video interesting i hope you liked it take a moment to like subscribe below if you have any questions go ahead and comment below and we'll answer your questions in the comments or you can reach us out through private message on any of our social media feeds thanks very much take care have a good day [Music] you