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so we're coming to the end of 2020 and starting 2021. things are going back to normal for a lot of people but there's still a lot of uncertainty specifically around forbearances and mortgages i'm going to explain to you what the difference is between a federally backed and a private lender mortgage and how it affects you when the forbearance has come to an end many people do not realize that all the federal laws that are currently in place to protect people due to the coronavirus only apply to a certain number of mortgages not to all the mortgages in the united states i'm going to explain to you what the differences are and how you can come out of the forbearance without losing your home my name is diego mendez i'm a bankruptcy low modification foreclosure lawyer here in miami florida i was around in 2008 for the last crash and i've seen a lot of the same things going on this time around that were happening back then i created this channel on youtube to help people avoid financial ruin that i saw in the last crash please subscribe to my channel because i'm going to be making more and more of these videos relating to loan modifications forbearances and other types of government assistance relating to mortgages so as i explained we are entering into a time of uncertainty the end of the forbearance periods brings a lot of stress for people because we're not sure what's going to happen at the end i can explain to you what certain types of mortgage companies are going to do at the end of the forbearance and what other types of mortgage companies are going to do but you need to understand one thing as a lot of people have realized we are living in two americas now i'm not talking blue state red state or anything related to that kind of political talk uh what i'm talking about is that there are two types of mortgages in the united states there are federally backed and private lender mortgages depending on what kind of mortgage you have is what's going to happen with you at the end of the forbearance period the people who have federally backed mortgages are going to have a much easier time dealing with the end of the forbearance than people who have non-federally backed private lender type mortgages i'm going to explain to the difference right now so you understand where you are in the spectrum of mortgages and how you can use this information to your benefit now the biggest difference between federally backed and non-federally backed private lenders are that the federally backed obviously are guaranteed by the government and the government can control what these lenders do the only federally backed mortgages that exist in the united states are fha va usda fannie mae and freddie mac you don't necessarily get a bill from these companies or these entities you will get a bill from another servicing company that services these loans but these are the ones that are federally backed you know if you have a federally backed mortgage they've already reached out to you they've already explained your options they've told you the different things you can do the biggest thing with these type of mortgages for you to understand when the forbearances end that there's no lump sum requirement you're not required to come up with 10 or 12 or 15 or 18 months of back payments in one lump sum that's the biggest benefit i've done other videos which i explained the different options for these type of mortgages when you come out i'm going to put the link up there you can link to the other video and watch them if you have this type of mortgage but the biggest thing you need to understand is that this type of mortgage does not require lump sum that's the biggest benefit and the thing you have that on your side when you're dealing with this type of mortgage now the problem is that 40 percent of the united states has something called a private lender mortgage these type of lenders i'm not saying they're all bad and i'm not making any generalizations in terms of what they're doing because i'm not sure exactly what each one of them will do into the future the biggest difference between these lenders and the ones i mentioned before is that these lenders are not covered by the cares act nor are they covered by any of the other coronavirus related legislation and presidential executive orders that have been signed these lenders can do whatever they want with their customers if you do not pay them they are able to ask for whatever terms you agree to when you sign the mortgage that means these lenders can ask you for lump sum or short fast repayments when you come out of forbearance it's very very important that when you come out of forbearance and you have any of these lenders and others that you're very clear with them as to what you can do and hopefully they have some option for you to pay back what you owe either in a short term or at the back end or some other form of assistance for you remember private lenders are not covered by the cares act you have limited protections when you're dealing with a private lender a private lender can ask for a lump sum at the end of forbearance so when you enter into a forbearance make sure that you understand what the lender expects from you at the end it feels really nice to not have to pay mortgage for three or four months or six months but it feels really bad have to come up with 12 000 or 20 000 in a lump sum at the end a lot of times the consumer finds themselves in a foreclosure situation at the end of the forbearance because they cannot come up with a lump sum or the short repayment of six months or one year even for the amount of money that they didn't pay during the forbearance period be sure that if you do not have a federally backed mortgage which are the ones that i listed in this document here these companies have their own rules i'm not saying that they're going to foreclose immediately i'm sure they're doing something for their customers but they are not bound by any other legislation or the executive orders that are currently being considered signed by this administration or the previous administration so make sure that if you have penny map quicken loans home bridge and any of the other ones that are out there that you're talking to them constantly and that everything that they send you you're paying attention to because you do not want a surprise bill of 25 000 at the end of your forbearance because if you couldn't come up with it for the year that you run forbearance it's highly unlikely that you're going to be able to come up with it at the end so be very very careful with these lenders be sure to communicate with your lender be sure to call them and ask them what can i do at the end of the forbearance what do you expect from me it's very important that you communicate with them there are options like loan modifications and some other options that you might want to consider if you're unable to come up with a lump sum that these lenders might require you to come up with be sure that you understand what they're offering be sure that you apply for whatever assistance they have pay attention to what they send you in the mail and be very very vigilant do not trust your instincts do not trust the things that you hear on television or that people tell you over the phone only read what they mail to you and pay attention to that if you do not understand what they're sending you speak to somebody who does either an attorney or somebody who deals with this type of thing ask them to help you interpret what it is that they're offering you do not make the mistake of signing something that will then turn into a big problem for you a lot of people are going to lose their homes because of this so be very very vigilant and be very careful my name is diego mendez i'm a bankruptcy and loan modification and foreclosure lawyer here in miami florida i've helped thousands of people with these type of issues throughout the years i was around the last crash i was representing debtors and people in foreclosure at that time and i'm still doing it now i'm helping people right now it's getting very very busy for us but we're still helping people with this type of issue i'm gonna keep making these type of videos so that people understand their options and their legal rights in these situations please subscribe to my channel like my videos and i'll keep making videos so that everybody's informed and we all come out of this coronavirus mess together with our homes and hopefully with our sanity and our financial situation in order thank you very much