저자: Kevin · 외국인
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주택담보대출 유예(forbearance)에는 상환 함정 3가지가 있다. 1) 유예 후 4개월차에 밀린 월 상환을 한꺼번에 내야 하는 구조, 2) 유예 중에는 신규 대출·재융자가 제한되는 점, 3) 유예 중에는 세입자 퇴거·임대료 인상이 어려운 점. 서면 상환계획 확보가 필수라고 강조. 해당 영상은 주식·코인·개별 종목 가격 예측 발언이 없다.
다듬은 글
hey everyone kept here I have an urgent update on the downsides of mortgage forbearance and this video is going to be dedicated to breaking those down I wasn't expecting or planning to make this video this information urgently just broke to me and I want to share it with you as soon as possible I was planning on making a video on three detours and starting a virtual tour business but I guess that'll have to be tomorrow because this is top priority so last week I made a video talking about the zero dollar mortgage basically your ability to get mortgage forbearance which means you kind of don't make your payments for 90 days all the way out to potentially a hundred eighty days if you own between one to four units there are different rules if you own more than five units there are only specific mortgages that apply and there are specific ways you can pay this money back because you'll still owe it in the future but I did break down all of those details in the prior video this video is a follow-up to the prior video highlighting the downsides to you especially some new downsides that are quite shocking and honestly really bad so let's start with trap number one there are three main traps and potential dangers when it comes to mortgage forbearance the first has to do with how are you going to pay the money back and this is where banks while initially they might act like your friend hey hey no problem no problem you need mortgage for grants no problem you know what for the next one two and three payments why don't you just go ahead and pay us zero sounds good right almost like the bankers are our friend as if that shouldn't be a red flag upfront but anyway the big problem comes in with how they set us up for repayment unfortunately this is the first trap banks are saying all right we'll give you three months of forbearance but at the end of these 90 days at the beginning of the fourth month we want you to pay us month one two three and four so now you have to make four mortgage payments in one month that's ridiculous if people aren't working and we're having less income come in because our tenants aren't paying or whatever this makes repaying everything in month four next to impossible and my prey video on this I mentioned that the best repayment term is adding all of these three payments to the end of your loan because you're basically taking money that you owe today and kicking it down the road 25 to 30 years that's good like time value of money wise finance wise really smart move but paying it all at the beginning of month for that a Sox and B is going to be relatively impossible so a lot of people responding like I can't do that there's no way I can make that payment or in month four and here's where the banks are screwing people they're acting like our friends saying oh yeah go ahead and stop making payments for one two three sounds good everything's good everything's peachy oh you don't think you'll be able to make all four payments in month four call us then we'll take care of you promised yeah well here's where the trap comes in the way forbearance works right now is you're not supposed to be charged any fees if you take those three free months essentially and you're not supposed to have your credit affected so it sounds good it sounds like you can pay zero dollars for your loan for the next three months and then figure out repayment later that sounds good but the problem with figure it out later is the banks might be able to screw you at that later part see here's what can happen let's say the beginning of month four comes around and you call up the bank like they said and you said alright I didn't make my payment for the last three months you told me to call you at the beginning of month four I'm ready to talk now and say hey like I can't pay you for payments in one month well this is where banks might say either one okay we'll give you another three month extension that's the other 90 days which that would mean you'd have to pay six late payments and your seventh month payment all in one time you're just basically throwing yourself deeper and deeper into the hole without having a repayment plan so that's not ideal you got to have a prepayment plan before you even agree to do this but if you get to this situation and this is why this is a trap if you get to this option where you're like oh crap okay I didn't make my payment for three months now I want to talk about solutions like how are we going to pay us back they might come at you and say alright here your options let's put you down the normal path of a struggling borrower which means you open up the door to potentially either one a loan modification or two they want you to sell the property short or three they threaten you with foreclosure so here we are thinking foreclosures are halted and you know no effect is gonna happen to our credit and there won't be any fees or penalties but if we agree to take forbearance and we don't have proper repayment terms established up front and they just say call us later they could screw us into bad choices which our loan mod short sale or foreclosure and guess what all of these typically do they screw your credit and they cost a lot of money in fees so basically while banks right now might be saying oh yeah yeah yeah okay okay all right take the zero dollar mortgage for three months it's okay we're your friend if you have trouble later no worries call us they could be backing you into an ugly corner where your only options down the road whether you're in an even worse situation are all bad options trap number one sucks how do you avoid trap number one only way you avoid plan number one is with a written payback plan a written payback plan that says you will either pay back in installments over the let's say the next 24 months or the next 18 months or something like that something that you can actually agree to and you know you'll be capable of doing divide the payments out the three months you missed divided by 18 or divided by 24 whatever it is and see if you're comfortable with that don't agree to something you're not comfortable with or alternatively you have those payments add it to the end unless they agree to give you option 1 or 2 I don't think I would take mortgage forbearance now I know for some of us this might not be an option but I would push really hard for one or two even if that meant I had to call them every day and fight tooth and nail but I would want a written payback agreement where I either have installments or they add my payments to the end I do not want call me later because that's gonna screw me I also want to make sure that I'm dock meaning that my credit will not be affected and that I'm not going to get hit with any kind of crazy fees or anything at the end of this so get these things in writing very huge this is the only way you're gonna avoid getting into trap number one but there's another crap trap number two trap number two is unlocked when you go down to that like button and Thor's hammer gaveling okay let's just get into number two but while you're down there you can also check out the free two stocks you could get with weeble and my discount coupon code for so check those out some new lectures coming out on crisis style investing and making money from the panic all right trap number two and see that's actually what people like about my courses as I keep updating them I keep adding lectures I don't just make a course and slap it up and forget about it it's living and breathing every single day so trap number two has to do with qualifying for a new debt this is not so good right now we already know that the entire lending industry is tightening dramatically credit lines are getting frozen approved credit lines are getting cancelled jumbo mortgages cancelled FHA borrowers are getting screwed with higher requirements more stricter more stringent requirements to get into a deal bad a lot of bad news happening in lending right now a lot of conventional loans are still chugging along but rates have been in flux even though they're supposed to be lowered they're not it's a mess out there right now but if you want to apply for a credit line a refinance or a new loan and you accept forbearance you might no longer be able to qualify that's because as I predicted in my video last week it's just like shocking I bet I almost I wonder if I'm partially to blame for this because I feel like the mortgage loan servicers saw my video on the zero dollar mortgage and they're like mmm Kevin you suggested we have a forum about forbearance well here you go we made a forum like crap what if I'm to blame for this but anyway the lenders are now a lot of them they all have a different form but here's the form here's exactly what some lenders are asking now they want you to sign this attestation which is I worried they would do this and sure enough they did they want you to initial and sign this attestation that says you have not taken on any new debt which that's understandable and you have not entered into any kind of forbearance terms for a loan you're not late you're still current everything still normal and I haven't seen what happens if you say you've entered into forbearance but my guess is because it makes sense a lender who hears you're going through forbearance on one loan is thinking you're gonna ask for forbearance on their loan - and guess what you won't qualify anymore so really kind of crappy trap number two so somebody like me who's constantly buying below market value real estate that's where I put the bulk of my money aside from the stocks I play with as well which every time I put money in the stocks it just feels like I'm putting money into a fire pit whereas when I put money into real estate I actually feel like I'm making lots of money but anywho killing your ability to get a new loan or to refinance is really bad I mean think about this if you've got an interest rate of 4% on your house right now and in two weeks you might be able to take advantage of interest rates at 2.75 percent for a 30-year fixed on your house oh my gosh if you have that opportunity do it now rates right now have trickled up a little bit or I guess like ticked up you would say but they're tentatively trickling back down as lenders catch up with demand so you don't want to eliminate your opportunity to refinance and lower your rate dramatically because that actually might enable you to continue to make your payment a lower monthly payment might make it easier for you to keep paying and you might not need forbearance in the first place but again trap number two says if you take forbearance you might not be able to refinance you literally might get stuck and then you get stuck in trap number two and then you end up on the door of trap door number one and basically you're double screwed so this is literally turning into a game of playing with fire and usually we don't win when we play with fire like I get this and there are ways to avoid these traps well basically there's a way to avoid the first one by having a written plan there's no way or likely no way to avoid number two if you take forbearance bye-bye opportunity to get new debt for a little bit so this sucks now they haven't done this yet and I hope I'm not giving them this idea but you know what would ultimately suck and this would be like trap number two point five is if in the future lenders are like have you ever within the last 18 months had a forbearance plan or agreement oh that would be dark and I mean that would just be straight-up mean but I wouldn't put it by them because that means you took your zero dollar mortgage for three months then you went through the payment plan or you added those payments to the end of your loan but now for like the next maybe year or two years you're not able to qualify for new deals you can't buy those wedge deals in real estate you can't take advantage of the opportunities with like fixers hitting the market because more people for some reason are now putting fixer-uppers on the market not quite sure what's happening or or if this coffee cup is uh is any hint I don't know just saying okay like I don't want to be in a trap we haven't even hit trap number three yet but so far trap number two basically means we're gonna have less people qualified to be able to buy good deals which in one way is good if you don't take forbearance because that means there's less competition but then also I think there's a greater chance that we're gonna see more foreclosures and short sales because of trap number one now I don't expect the lenders want to go through foreclosures or short sales but it's possible because here's another nasty thing that could happen with option number one they back you up seven payments with forbearance six payments of forbearance and then they say okay you owe everything right now and then you can't pay it and they say well we'll give you a loan modification or like well that's gonna screw my credit sorry that's the only choice you have and then you go find foreclose and then it's like oh wait crap I still have a house that's worth more than my mortgage is so like I don't want to lose the house I don't want to give up my equity and so now all of a sudden you're screwed they have all the leverage against you you have equity in your property because the markets still up for real estate and yet foreclosures not even something the banks are worried about because they're like please let us foreclose on you we want your equity I don't know like maybe I'm just thinking dark thoughts here but hopefully this just makes it very very clear that you need to get your option one in writing and option number two sucks well trap number two sucks and here's trap number three trap number three is when you take forbearance you eliminate pretty much all of your opportunities to evict a tenant see right now you can't evict a tenant if they don't pay because of the crisis that's going on but if they start air being being out their rooms and they start breaking the terms of your lease contract you can still evict them but if you accept forbearance you're not allowed to evict a tenant while you're under forbearance you also can't ask a tenant to move which if you can't ask a tenant to move also implies you can't raise their rent now I'm not suggesting anybody's actually gonna be raising rent during this time it's possible but like you start losing some options but the biggest risk in trap number three is some people are doing this because they want to be generous humans they're thinking okay I'm gonna enter a forbearance plan so that I can give my tenant a break on rent in other words they don't need forbearance because the tenants still playing but they're thinking we'll wait a minute I want to be fair I want to be ethical here if I can get forbearance on my mortgage and I could pass 90% of those savings along to the buyer because you stopped to pay property taxes and insurance then that's great like let me do that and now everybody's winning right I mean the banks get screwed but I win as a landlord the tenant wins and everybody's happy but the trap is if you think everybody's happy you as the landlord are getting stuck with the worst case scenario because guess what now you're stuck with trap one and two repaying it and you can't qualify at least right now and who knows what long-term impacts this is going to have so just because it's not affecting our credit doesn't mean it's not affecting our opportunity to qualify now or in the future so these are big issues folks and this is why if you have not yet joined my real estate investing course join it it's the zero to millionaire course it's not that expensive for what you get you get my entire ten years of investing knowledge on a platter you get access to me every weekday at 9:00 a.m.
when the markets open on a private live stream where I can analyze your deals I could gut check your deals I could help answer your questions with your scenarios this is the best time to get a hold of me so join those you get the live streams to get the course you'll also get a bundle coupon when you check out for some of the other courses if you want those but no obligation folk stay safe
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