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Martha's Vineyard Community Spotlight - Allied Mortgage - YouTube
Channel: Jen O'Hanlon, Martha's Vineyard Realtor
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here with Michelle Oteri of Allied
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Mortgage Group and if you are like many
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people across country you could be
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worried about how you're gonna pay your
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mortgage if it's the right time to
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refinance right now and so I thought
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Michelle and I could jump on here and
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try and answer some questions for
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everyone so here we go I guess
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Michelle one of the well forbearance is
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this word that everybody's hearing about
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but I've also heard deferment and loan
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modification so I'm just wondering if
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you can explain what those terms mean
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sure
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so what forbearance is a temporary
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suspension of your payments so for
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example if your April 1st you're gonna
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say your payments are suspended that's
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just pretty easy numbers say your
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mortgage payment is $2,000 a month
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so April 1st you don't have to pay it
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May 1st June 1st you don't have to pay
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it so that's six thousand dollars come
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July 1st you owe $8,000 so it's
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literally just a suspension of payments
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and those payments are due at the end of
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the forbearance period that may help
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short-term but it may cause financial
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challenges in the future because who can
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really do that after not working for 3
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months turn around and have all those
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mortgage payments right to be paid so
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you have to and you have to be approved
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for it you need to call your lender your
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servicer it it's not just oh I'm not
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going to make my payments during this
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time because my neighbor told me they're
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not making theirs you have to call your
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servicer everybody's dealing with them
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differently ok and then so what's the
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difference a loan modification is quite
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different than that right yes a loan
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modification again you have to go
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through your servicer but that's usually
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when they are gonna change your terms
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they're gonna let's say you have a high
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interest rate they might change your
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rate from 6% to 4
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they might give you a 40 year term
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versus a 30 year term but that's a
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that's a process that's a couple more
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youth that have you've heard of anybody
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offering any thanks offering though that
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I know it happened during the recession
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you know back around 2008 in that
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timeframe people were having loan
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modifications but I haven't heard of
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that actually happening it's too soon at
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this point but I think that most people
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are jumping more to the forbearance
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knowing that they're going to go back to
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work where a loan modification you know
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that's kind of like I lost my job I
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don't have anything you know going on I
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need to I need to make this mortgage
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work so which they've all I'm sorry
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what's the deferment how does that
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different than the forbearance so that's
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just a delaying of your payments for a
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defined period of time as well so that
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may put it on the end of your loan it
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may be like a forbearance where you know
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it's a set amount of time and then you
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say you know now I owe $8,000 well now
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let's go into a repayment terms and it's
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just kind of negotiating as you go along
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the issue is there's no you know
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steadfast way of knowing exactly you
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have to talk to your servicer
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everybody's doing it differently
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I've talked to numerous different
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customers that some say they don't have
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to pay their taxes and insurance
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some say they absolutely do have to some
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say it'll get tacked on so you have to
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ask your servicer exactly how it's going
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to be done is it going to affect my
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credit some have said oh I never asked
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that question some have said I asked the
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question they absolutely said no but
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what happens when in the instance I gave
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you before July 1st they have $8,000 do
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what happens if they don't have the
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$8,000 will it then affect their credit
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so the consumer really asks you ask
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these questions they have to be very
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knowledgeable to their servicer as
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exactly what's going on okay so we may
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kick back around to that subject since
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the big
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but let me ask a few other things
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what about refinancing with the Federal
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Reserve announcing zero percent rate and
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then sort of trying to understand that
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that doesn't mean a mortgage rate that's
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extremely low or lower than what the
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lows have been so what is your
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experience with what's going on there
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so yeah the Federal Reserve that rate
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does not impact mortgage rates although
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you know because the mortgage rates are
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set by the US bond market and although
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the there kind of go and hand and hand
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rates are going down because essentially
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where we're getting into a recession
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like people aren't working we are going
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to have you no shame Asian yeah so rates
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are most likely going to remain low
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throughout the year because they they
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have to I mean there's there's really
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not any way around that but with that
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being said you know I can't predict the
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rates I can't say hey wait three months
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and the rates are going to be great
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because right now they're pretty great
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to have 3006 rates in the freeze you
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know that's amazing so if you're in the
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force and it's worth it to you refinance
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now it's probably worth it to get it
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done and over with but then you come
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into the problem you need to be working
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can you are you working from home you
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know are you still getting paid so a lot
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of loans are just getting put on hold
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right now until the people can go back
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to work right so yeah I was actually
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thinking that you could refinance if you
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had equity in your home and you were
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worried about paying for things but that
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isn't gonna work if you are unemployed
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correct and then I know you had
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mentioned that you received a call from
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somebody who was planning on making a
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purchase either this year or next year
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and they're collecting unemployment and
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they were actually worried that could
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affect their ability to to make a
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purchase yes they said someone told them
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like don't listen to your neighbor don't
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listen to
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the coffee shop people call a
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professional call you call me but in
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this instance with someone collecting
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unemployment it absolutely will not
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affect you down the road as because this
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is a worldwide problem whoever she was
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talking to you that collected
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unemployment and it might have messed up
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their mortgage they probably had a
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spotty job history they probably had you
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know six months of employment eight
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months off and then maybe a small job
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here and there you know that's not
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stable employment but I know this person
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they've had a stable job for five years
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they're getting laid off is not much
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they can do about it they're going to go
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back it's a solid company right so
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collecting unemployment for a short
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period of time is not going to affect
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her getting a mortgage in the next year
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okay that's good to know um let's see
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what else I know that we talked about an
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article that you thought was really
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helpful and I'm going to post that to my
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business page after this so if people
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want that information just kind of goes
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into a lot of the details about the
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forbearance and what you should do and
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you know one of the things that people
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have been talking about is just thinking
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that oh I can just wait because the
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government has has sort of made some
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mandate to the banks that we can get
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this forbearance and therefore we don't
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have to pay our bill you know our
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mortgage this month so the key is that
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they you just need to call your bank
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Paul and you still are going to be
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responsible for those payments there's
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not anybody that's just getting three
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money
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you're going to be responsible at one
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way or another you may have to prove a
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hardship some people might be calling
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just because they want the security but
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they still have their job they want
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security of not making those payments
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you might have to prove that hardship to
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your lender so there's and the biggest
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thing is is if you're doing it as a
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security measure and you don't realize
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it's impacting your credit and now you
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know to six months down the road you
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have mortgage lates not worth it not
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worth it at all if you can make
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the demons if you have a savings you
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want to try and stay on top of those
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payments okay so I think if people call
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their mortgage servicer and they are
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told you know sort of yes we can do it
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but you know they don't they're gonna
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have to make those huge payments later
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they should really do anything they can
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it sounds like to not take part in this
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or Barons yeah and again if they're if
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their servicer is very clear and says we
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will this will not affect your credit
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you know we will make these payment
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terms but a lot of the servicers are not
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really knowing themselves how it's gonna
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work and that's the scary scary part
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back in oh wait when this all happened
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they would say oh no it's not gonna
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affect your credit and it did affect
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people's credit okay that's okay pretty
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much I think we've covered everything I
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just wanted to talk about the interest
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rates and refinancing so you're saying
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that there may or may not be a benefit
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to waiting to refinance for a few months
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it's just hard to tell I mean if you're
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not employed you kind of have to wait
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what I've been telling people is ongoing
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my website put your information in so
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that when the rates do you know hit rock
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bottom and we're ready to go so it's
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gonna happen is everybody's going to get
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jammed up and they're gonna haunt your
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we're just it's good
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you
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