Sign Oregon Banking Forbearance Agreement Later

Industry sign banking oregon forbearance agreement later

alright so in this video we're gonna be talking about if you can skip out on those payments what that looks like the term is forbearance our boy here Addison is going to really go in depth of what that means and everything you need to know about it so stay tuned [Music] [Laughter] what's up everybody this is Jackson Rae Wilkie guess he rained down and our main man a Dean it that's right we are the real agent now group right here in the Portland metro hey if this is your first time to this channel you want to learn everything about working eating sleeping and living playing and the forbearance make sure you tap that subscribe button click the little Bell so you're notified every time we do a new video we are all getting so many phone calls each and every week from people moving relocating here who have those questions and we absolutely love it if you're thinking about moving relocating make sure you reach out to us and give us a call shoot us the text send us an email or even send that pigeon carrier however you want to get a hold of us we got your back when moving to the Portland Metro [Music] all right so we wanted to do this video it's been something that's been discussed a lot we're getting lots of calls and it's always out there in the air I'm gonna kick it to you addy first of all what is forbearance and what does it mean yeah first and foremost our hearts definitely go out to any individual or family that's been affected by the coded 19:00 pandemic and I can't explain how many calls I've taken over the last 30 days regarding forbearance and the subject at hand here so there's a lot of confusion when it comes to what this means right so hopefully today we can break down some just distill definitions so you're gonna walk away knowing exactly what it is and what's at risk here so with forbearance it is not being alleviated from making your mortgage payment it is essentially pushing the payment down the road and adding it to your current unpaid balance so I like to look at it kind of like a bar tab say yeah you belly up you have a great night yeah as Jackson would say slugging back then brewskis yeah and you forgot your wallet and the bartender knows you're a good dude you've you've had an excellent excellent payment history and you just you just can't make this payment doesn't mean it goes away the next time you roll around to visit that bargain which in the mortgage world is the first of every month that is still do so the biggest thing to know is it doesn't go away and you need to call your servicing company so you've heard I hear that a lot now what is your servicing company when you get your monthly mortgage statement look at that statement whatever logo is up on that piece of paper digitally or physically that's your mortgage servicer be proactive on calling because technically any repayment is a negotiation between the person that owns the home and the servicer of the law so it's very important to call and be proactive about communicating they're getting a document everything they're gonna be like oh this person called whatever date whatever time so it's important to be proactive regarding reaching out to the servicer and with that being said just to really emphasize on this I know you can't say this is the program 100% every time it's going to be different with these servicers but what you mean is that when you come back after not paying one month do you just pick up where you left off with your same payment or is it now doubled or what does that look like yeah yeah so say your mortgage payments two thousand you call your mortgage servicing company hey sorry you know I lost my job I've been affected by the pandemic oh no problem sir I am this is all hypothetical yep no problem sir we will push we will push your your your payment to next month okay so then you roll around next month you're back to work you still owe that two thousand and you owe the current month so that's four grand it doesn't go away so then you go to mr. servicer again it's like I can't pay the for grant Jackson I can't do it so they're gonna work out once again another repayment schedule so what I'm really worried about is if people push it down and keep renegotiating it's gonna turn into one of those payday loan situations where you're paying it off forever forever and who knows hopefully you have a decent servicer but read all the fine print they're gonna disclose agreements and disclosures for the repayment and be very educated in what you're getting yourself into and do everything you can regarding prioritizing your overhead payment versus other other obligations so is there a way to protect yourself like if you were gonna do a forbearance for yourself how would you ask the bank to handle that well first I would address other things that have less circumstances or less consequence do not hang and more flexibility to restructuring for example consumer revolving debt also known as credit card debt so the credit card servicing companies have a lot more flexibility when it comes to just pushing it down the road or just stacking up the balance to the next month so I would address those first if this is talking about me then the next one would be auto loans I'm seeing a ton of flexibility just through advertisements of the auto industry because the united states call me economy is heavily driven within financing automobiles I know that Jesse and I have talked about that in in other circumstances many times but I would address those two things first there's a lot of creative ways to push payments down the road that isn't forbearance directly tied to your largest asset your home right is there any forbearance plans out there that would essentially say I own say say over a hundred more payments on my house but I could skip this month and make this month's payment 101 at the back end or that not exist I've heard of a heard of FHA programs having those where you can essentially roll it into the equity but once again you know all the research I have done and I haven't caught it and pretended I'm not making my mortgage payment which I guess we could potentially try and see what happens but everything I read it's her service rate because they're the ones that hold the note they're essentially your investor for your biggest asset so they called the shots so I can't speak to what I've seen and what's out there and then to also like a lot of the media out there it's like so much fear-based stuff and yeah it's really scary and whatnot but make the call and figure out what your options are make it but list out like list out your obligations and if you need help hit me up I have so many spreadsheets like all throughout actually not so much Jackson but Jesse and I are spreadsheet nerds we have tons of spreadsheets and resources to help get you organized and prioritize what's financially do and I really think it can help yeah oh good I just gonna say yeah because I think like the biggest misconception out there is that like when people heard mortgage forbearing Fatah's instantly thought that the government was gonna forbid their forgive their loans it's not a mortgage forgiveness so I think some people actually stopped making their mortgage payments and thought they could just call in you know and that's the that's really incorrect information or thought because once you missed two payments you instantly go into pre foreclosure so yeah what and if your if you ever make it in a pre foreclosure that's gonna deem your credit pretty hard and even if you do own the pre foreclosure there is a way to get out of it I've actually helped someone get a pre foreclosure before and we can work with the title companies to make that happen even if you owe a certain amount of money on your mortgage and you need to sell your house fast we even get the more or the title company to agree on selling your house at a certain level then that way you can get out of your mortgage if you need to on the other hand is we actually really work hard to keep people in their house so reach out to a professional and get their insights in their professional opinion before you start making a decisions without consulting with a professional that would be my two cents of you know my two cents offerings is just reach out yeah and I know I saw some deals like they're not gonna report any missed payments for six months I read an article on that right so maybe and once again it goes back to working with the servicer but if you don't get caught up in six months and it hits your cutter and shows up as a late like you're looking at a year plus so you can buy or even refinance you something so you're forced to sell or your stock and you're you're dinged forever and lastly and I know Jackson wants to hop in here but just spill out like you're a couple utility things like over here in Oregon Northwest natural gas like 50 $60 a month Verizon depending on how big of a company are your mobile bill 8t all that it's a hundred to two hundred and fifty dollars depending the size of the family you have your internet um just start listing it it's so easy to come up with four to eight hundred dollars and utility stuff that all those people are gonna push that back and then if you're using your stim Shack correctly you should be able to make a payment and get back to work so it's gotta be like a little bit of an effort we just can't below your stim check on PartyPoker comm and then be like I need to go to forbear not a sponsor yeah yeah I think the overwhelming this is just something that's come up a lot we wanted to just kind of give you a lot of the facts that yes it's not like having this for parents you can just miss payments it's gonna be fine these are long-term effects that can take a long time to get out of so we will just kind of end it with that and that's what we wanted to get across is that we can have these conversations with you you you know reaching out to us we'll talk to we're having these conversations with lots and lots of people here locally in Portland and that are thinking about movement but the only way that we can do that is if you reach out to us you got to give us a call you know she does text send us an email send us that pigeon carrier day night weekend we don't stop working for you here in the Portland metro so until the next video guys okay catch you later [Music] you