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