Mortgage Forbearance Ending: Don't Get Burned (Watch This) скачать в хорошем качестве

Mortgage Forbearance Ending: Don't Get Burned (Watch This)

Mortgage Forbearance Ending: Don't Get Burned (Watch This). There are currently 2.5 million people that are in the mortgage forbearance program. And with the mortgage forbearance ending soon, many people may not have a clue what to do. So in this video, I break down and unpack the options that are available to you when the mortgage forbearance program ends. The banks won't necessarily let you know immediately when the mortgage forbearance ends and what they plan to do, so be proactive and get ahead of the mortgage forbearance ending and protect yourself and your money! 0:00 Intro 0:58 Mortgage forbearance ends in September? 2:08 If you are not ready when mortgage forbearance ends? 3:28 Who qualifies for a mortgage forbearance extension 4:06 The options for those backed by Fannie Mae/Freddie Mac 7:45 What about FHA loans? 9:16 What about VA loans? 11:18 Recap of mortgage forbearance options There are 2.5 million people that took the mortgage forbearance program that started when the pandemic hit. The mortgage forbearance program will expire in September 2021 and banks will start requiring people to payback the money that borrowers owe. Now what are you options when it comes to the mortgage forbearance program? Well I went out and did some research to what options are available to you when the mortgage forbearance program expires. One big factor that decides on what your options are when it comes to mortgage forbearance expiring is whether or not you have a mortgage backed by Fannie Mae/Freddie Mac. Now 70% of all mortgage loans are backed by these government entities and 30% are not and some options will not be available to you if they are not backed by these entities. One option if you are not financially ready to payback the loan is to ask for a 6 month extension of the mortgage forbearance program. Now depending on what your situation is, your bank will determine whether or not you will qualify for the mortgage forbearance extension. They'll take a look at your financial credentials and determine that. Now the first option that the bank will give you for when the mortgage forbearance program ends is called re-instatement. Now what this means is that they will re-instate your mortgage after the forbearance program expires, and if you have the means to payback what you owe in full, you can pick-up where you are at and continue regular payments. So basically it's the bank letting you continue your loan payments, on the regular schedule, if you can payback what you owe when you took the mortgage forbearance. The next option is in the case if you can not pay what you owe after the mortgage forbearance ends, is that they take what you owe when the forbearance ended, and they distribute the payments throughout the course of the loan. So which may mean your monthly payment may go up slightly because you were not able to payback everything you owe in one lump sum. The next option is a deferral when your mortgage forbearance expires. Basically what this means is that you MUST make the payment upon selling, re-financing, or paying off your mortgage. So the balance that you owe when you took the mortgage forbearance, will be required to pay when you do any 3 of these things when it comes to your mortgage. 😃 Thanks for Subscribing & Liking our Video! 📧 ⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software: http://reisoftware.thekwakbrothers.com 📊 Pay Off Your Mortgage In 5-7 Years (On Average):    • How You Could Off Your Mortgage In 5-7 Yea...   💻 JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS & PASSIVE INCOME:   / bestreigroup   📡 PROTECT YOUR ONLINE DATA AND ACTIVITY WHILE CLOSING DEALS AND GENERATING NEW LEADS WITH NORDVPN: https://go.nordvpn.net/aff_c?offer_id... 🔊 Our Podcast: 🔹Spotify: https://open.spotify.com/show/7pnHJSN... 🔹iTunes: https://podcasts.apple.com/us/podcast... 📧 Hire the Kwak Brothers to Speak: info@thekwakbrothers.com #realestateinvesting #thekwakbrothers #realestate ======================== --DISCLAIMER-- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.