저자: Kevin · 외국인
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코로나 CARES법에 따라 주택담보대출 상환유예(forbearance)를 서류 없이 자기 진술만으로 최대 180일+180일 신청할 수 있다고 설명. 신청 전 대출이 연방보증(FHA/VA/USDA)이나 GSE(패니메이/프레디맥) 대출인지 확인하고, 상환유예 후 3개월 내 주택 구입·재융자는 어려울 수 있다고 경고. 은행의 과도한 조건이나 '특별 상환유예' 계약 서명은 사기 가능성이 있으니 주의하라고 함. 2020년 7월 기준 영상으로 현재 시점 예측과 무관.
다듬은 글
hey everyone meet kevin here how would you like to not have to pay your mortgage for 12 months and potentially not have to pay that money back for up to 30 years which if you invested that money or maybe paid off some higher interest rate debt like credit cards or cars with that savings you might actually end up way ahead in your financial position well so many of you have been asking me about exactly this how to get mortgage forbearance whether or not you should actually take it maybe you've heard about it but you're just not quite sure my goal is to try to get you mortgage forbearance in this video so i'm going to show you step by step how to get mortgage forbearance are you eligible and pitfalls that you should avoid including very clear scams that are going around about this so let's get right into this video should you take mortgage forbearance let's start there i personally believe every property owner is entitled to taking mortgage forbearance if they feel any financial uncertainty over covid at all in my investing courses which i have investing courses linked below in those courses i recently spoke with a course member who said kevin i'm so grateful i took out mortgage forbearance on my house my car and my credit cards and now i have thirteen thousand dollars saved up i've always been paycheck to paycheck and i've never had money in my bank account what can i do now and we came up with a plan for him to finally find a way to start paying off debt after the forbearance periods end and finally start getting invested into stocks at the same time now look i'm just a dude on youtube and i'm a real estate broker and an investor invest in stocks and i invest in real estate but hopefully the tips in this video can give you a head start obviously if you need tax advice talk to a cpa if you need legal advice talk to an attorney or if you need financial advice consider talking to a financial advisor but hopefully this video can give you a head start on some perspective all right here's the thing i'm not going to mince any words here the cares act specifically says that if you state you have a financial hardship related to covet 19 you can apply for mortgage forbearance that means you don't need any documentation there's no application there are no income statements there are no asset statements nothing now this doesn't mean you should lie i personally am not taking mortgage forbearance because knock on wood i have made more money during the pandemic than before the pandemic so personally i didn't want to apply for mortgage forbearance but i also am buying real estate and you can't really take forbearance at the same time as you're buying real estate that's going to cause issues so you don't want to do that but in my opinion if your income is relatively the same or you're worried about it potentially going down in the future because of a second wave you're worried that your job might not come back if you've been furloughed certainly if you're unemployed or furloughed or laid off you should absolutely be taking forbearance if you have not yet or if you have rental property and you're not sure that your tenants are going to continue to be able to pay you the full amount if you have any kind of uncertainty to me that is a form of a potential financial hardship and so you have to make the decision yourself as to whether or not you can affirm which just means state that you have a financial hardship related to covid if you do there's nothing required from you you do not need any kind of documentation in fact the cares act itself which i'm going to pull up the actual bill here's the cares act this is page 210 of hr 748 this is the cares act and the cares act itself says that you have the right to request the borrower has the right to request forbearance of up to 180 days and then that shall not can shall be extended for an additional period of up to 180 days at the request of the borrower as long as if you want you can pay the money back faster which if you wanted to pay it back faster you can but the point is the keras act says you have the right as long as you affirm that you have a financial hardship you have the right to ask for 180 days plus another 180 days that is your right this is a law that was signed into law on march 27 2020.
it's the cares act now how do you affirm like where does it say that you don't need any documentation what's right here it says that upon receiving a request for forbearance from a borrower under subsection b will go above there in a second the servicer shall shall very important word with no additional documentation required other than the borrower's attestation to a financial hardship let's go to page the next page here with no fees penalties or interest beyond the normally scheduled amounts had you made your payments on time charged to the borrowers provide the forbearance for up to 180 days which may be extended by 180 days at the request of the borrower it's that simple and all you have to do is make the affirmation which you could see right here under section b in general during the covered period which will refer to covered period in just a moment a borrower with a federally backed loan i'll explain that in just a moment as well and then look at this with a fi experiencing a financial hardship directly or indirectly related to covid19 may request forbearance so cannon is affected maybe you're and maybe they're paying you less i mean you can make a debate there is that direct or indirect doesn't matter they really have the door open here right on the prior page this is page 209 of the cares act you'll see that the covered period of forbearance means that you can ask for this forbearance 120 days after the date on which the national emergency regarding kovid terminates so in other words you since at the time of this recording today is july 23rd you have at least 120 days from now to request forbearance so if you haven't requested it yet you still have at least 120 days from today and the only time these 120 days start ticking is when they terminate the national emergency which was instituted i think it was on march 12th through march 13th anyway this is really good and it's really liberal as to what a financial hardship is well i'm in debt i already have a financial hardship and covet is making me uncertain and my hours got caught or my hours went down a little bit they don't care they don't ask so it really just comes down to your own moral compass like okay do i have even a remote element or level of uncertainty let's ask for forbearance okay so this this is basically in my opinion this is a version of free stimulus money that homeowners get the benefit of businesses got the ppp people got stimulus money and unemployment homeowners multi-family property owners single-family property owners condo owners whatever anybody with a one to four unit has this benefit if you have that would be duplexes triplex's four plex a single unit if you have more than five units you might also have these options as well for you just stay tuned we'll get into some details here on how to know what options you have one more thing to note these requirements that you attest that you have a financial hardship are very different from the requirements from the paycheck protection program the ppp made you sign an affirmation that said you needed ppp money in order to sustain your business that's a lot more stringent in my opinion that's like unless you get this money you're going bankrupt right that's that's a little harder to defend than i'm directly or indirectly affected by covid and they're not even asking for documentation with a ppp they ask you for some documentation right anyway so literally by asking you are eligible for mortgage forbearance now we'll talk about eligibility a little bit more in just a moment because not everybody is but we'll talk about it all you have to do is ask and remember i'm not an attorney i'm a real estate dude and and i like it by the way when i can help you get uh free money or information for free so if you like this kind of stuff or anybody interested in more information on forbearance because we're about to get into the details and the pitfalls also if you want something for free make sure to go down to the description in the links down below and you'll see a link for two free stocks with weeble if you click that you deposit a hundred dollars you'l als now let's talk about the second part about whether or not mortgage forbearance is right for you if you're a real estate investor and you want to buy real estate because maybe you're in my real estate investing course or you're ready to buy real estate you're ready to buy a house mortgage forbearance may not be right for you if you want to buy real estate or refinance within three months of being in forbearance you're going to have issues that is if let's say you go into forbearance and then you're like oh there's a house i want to buy you're going to have problems you probably won't be able to qualify you have to have if you went into forbearance you have to have started making your payments again for three months and then you can qualify for a new loan again now always confirm this information with your lender though because everybody's situation is unique also you generally can't take out a new loan during the pandemic like if you just bought a house within the last couple months you probably won't be eligible for mortgage forbearance because you probably signed some kind of document in your loan docs you know when you sit there with the notary for like an hour that says you're not eligible for forbearance they kind of started doing that right in march so if you bought between now and march probably you're not going to get far with mortgage forbearance maybe you can still try anyway if you're good with part one the indirect or direct financial hardship and you're not buying or refinancing anytime during you know the next 12 months let's get you started step number one get your latest mortgage bill for your rental property your second home your house your condo your units whatever and if you already know this like if you already know that you have a fannie mae conventional loan a freddie mac conventional loan a va loan a usda loan or an fha loan then you might not even have to call your mortgage servicer for this your mortgage servicer is the company you make your payments to uh sometimes you could even ask your real estate agent or your loan officer that you used when you got your house or your loan if you were doing a refinance if you don't know what kind of loan you have contact your loan servicer and ask them and what you want to ask their customer service department is is my loan a quote federally backed loan or a gse backed mortgage that stands for government sponsored entity it's like ginny may fannie mae freddie mac uh right or federally backed would be like um fha usda va things like that so what you want to ask them is is my loan federally backed or a gse backed mortgage if the answer is yes you can keep going along and if you already knew the answer keep moving along if the answer is no and you don't have a federally backed mortgage or you do not have a gse backed mortgage you might still be able to ask for forbearance but you're probably not going to be protected by the terms and the cares act which means you're probably going to be stuck with the terms that the servicer gives you which is again the company you make your payments to so let's say you own a 10 unit apartment building and you're like dang it's not a conventional like federally backed loan well and the servicer says hey like we can give you three months of forbearance but then you're gonna have to pay us back over the next three months maybe that's what you're stuck with so you have to check with your own individual lender but be careful because a lot of you have federally backed loans and you're being told a bunch of bs by the banks so don't get screwed and get the answer first is your loan federally backed or is it gse backed get that answer before you even ask about forbearance very very important just so you know the banks have to pay the first four months of losses from you taking forbearance so the people you make the payments to they're covering the first four months they don't want this forbearance stuff this stuff got shoved down their throat they're not trying to help you they're trying to take this they're trying to prevent you from doing this they're trying to make this hard for you to do on purpose because it's money out of their pockets all right now that you know what kind of loan you have i really encourage you to go to the link in the description down below i'm going to label it link one consumer financial protection bureau this is going to give you a guide and on the left side when you go to that website you'll be able to page kind of scroll through and see oh okay well if you have a usda loan go here if you have an fha loan go here yada yada and you can go through and see what the terms are for each loan we're gonna do some of that right now let's get the ipad here and let's pull up some examples here here's an example this is a fanny may sheet so if you have a fannie mae loan these are the options for you you can get defer or forbearance for up to 12 months there are no late fees during your forbearance period and take a look at this you can set up a repayment plan to grab catch up gradually or you could defer the past amount to the end of the loan so these are options that you have and fannie mae is telling you that if you have a fannie mae conventional loan you have the right to take forbearance for 12 months and move all of the missed payments to the end of the loan now when it comes to impounds and you have to be careful usually if you have impounds for property taxes and insurance the mortgagor the servicer is supposed to continue paying those for you but i would verify that that's not specifically stated in the cares act if they do not keep paying that for you then the uh you might have to contact the local county tax assessor yourself and see if you can get forbearance on that and maybe pay the insurance separately check with them they'll guide you on that best case scenario they just defer the full payment to the end which is you know in 25 years from now or 30 years from now or something which is basically free money that's why i call it free stimulus money because think about it if you took forbearance two thousand dollars for twelve months that's 24 grand you invested it at seven percent you would double your money you know within 15 years easily even if you got a little bit less of a return which that kind of means it's free money because of the time value of money anyway it's really really a good option fannie mae makes it right they do right by you and they do a good job now it also does beg the question like okay well if i defer for 12 months property taxes and insurance am i going to owe that extra at the end possibly you might you know oh oh the property taxes for this year at the end of those 30 years that's a question to ask your individual servicer though again best case scenario you could defer the entire bundle to the end okay let's keep moving on here here's what uh freddie mac looks like right here so if you have a loan that is owned by freddie mac they have the same thing as fannie defer for up to 12 months waiver of late fees halting foreclosures and look at this starting july 1 offering payment deferral solution in which payments will be due at the end of the loan that's free money right here really really good stay away from this if you see loan modification options stay away from that loan modification can hurt your credit more be careful with loan modifications it can make it hard for you to buy in the future bad loan mod bad deferment good okay then we've got this little fact sheet here this says if you have here we go if you have an fha loan they say that fha does not require lump sum repayment at the end of forbearance fha has established a covid19 standalone partial claim to assist with repayment and basically it's saying if you were current what they're going to do is they're going to establish a zero interest junior lien on the property that becomes payable when you sell the home pay off your mortgage or your mortgage ends so that's basically the same thing as saying you owe it at the end of the loan because if you sell then it comes due it's the same thing so don't be worried if you hear oh my gosh junior lean don't worry about that at all that might create potential issues only if you want to get like a second loan on your house for like a home equity line of credit but otherwise i would not worry about that this is it's totally fine to do a second lien on the house you do owe the money after all it's there's no difference in saying okay my mortgage is three hundred thousand dollars and i owe an extra ten thousand dollars at the end of the loan or okay i have a three hundred thousand dollar mortgage and uh ten 10 000 a second no difference totally fine in my opinion okay you can confirm yourself no guarantees don't sue me bro va let me tell you this i feel like va borrowers got screwed uh they they don't have as great of options see va gives you a suite of loss mitigation options that can assist veteran borrowers who must repay amounts that were subject to forbearance uh and then they do try to evaluate and assist your blah blah blah blah blah basically they're not going to make you make a lump sum payment but they're going to put you into some sort of uh you know va payback plan or something it's just not as good usda is uh well let's see right here if the borrower is unable to resume normal payments the lender should evaluate the borrower for all available loss mitigation options also not as ideal so usca va not so ideal fha freddie fannie it's money in the bank folks take forbearance all smoking day long now let's keep moving on because we are making good good good progress here once you have this information and only once you have this information should you contact the bank and specifically request forbearance i'm going to show you some pitfalls in a moment remember forbearance does not require any documentation you want to request 180 days of forbearance that is your legal right remember refer to page 210 of the cares act then and i'll link all this stuff down below then remember you do have the option to request an additional 180 days of forbearance step number three going into forbearance and then we'll do pitfalls going into forbearance and credit all right only stop making your payments once you have written confirmation that you are in a forbearance plan you may have your credit score slightly impacted as a notice put on your credit profile saying that your account is in forbearance or affected by a natural disaster this is honestly like straight up bs but just just roll with it uh it's bs because the cares act says you're not supposed to have a derogatory uh remark put on your credit like they can't put you in forbearance and then say you're late that's not what's happening here but they put a little memo at the bottom saying this has been affected by a natural disaster or in forbearance or whatever that usually does affect your credit by about 30 to 40 points but it's really temporary this is normal your score should go back to normal it is not a late as long as you were current before you won't be considered late if you're already late well yeah then you're still late but uh if you were current before you'll be considered current still no guarantees but here's what happened for me i accidentally enrolled in mortgage forbearance making videos like this and my score dropped 40 points i never even missed a payment but my score immediately dropped 40 points but it went right back within like two or three weeks so no guarantees maybe it's because i kept making my payments i don't know but it's not that big of a deal the money savings is worth it let credit be a tool for you don't be a tool for your credit score all right i should put that quote on a mug now let's talk about the pitfalls it's very very common that banks are saying well we'll give you the option to have three months they're saying that because they know they have to pay a full four months and their goal is to pressure you and twist your arm into only taking three months so they save a month think about it they would save 25 you might have to play ball with them but i encourage you to document exactly what the bank tells you write down employee id numbers names times dates that you called put this in a safe place take a picture of it scan it whatever make sure you tell them that you know the law says you have a right to 180 days and 180 days and that's what you're demanding i would even email them or document this to their departments and request this and make sure you don't sign anything that says something that's different than this that's how they screw you and i'm going to show you exactly how they try to bully you right now take a look at this right here i'm going to pull this up this came to me from a subscriber now let's take a look at a scam take a look at this dear valued customer thank you for submitting your completed mortgage assistance loss mitigation package you don't need to do that all you have to do is fill out a simple little form on their websites usually that say i request forbearance that's it there shouldn't be a loss mitigation package where you're giving bank statements on all that stuff that's a scam look at this special forbearance plan i don't want anything that's special i just want forbearance that was given to me by the cares act okay let's take a look at what this plan is the special forbearance plan is not intended to bring the loan payments current that makes sense your account is currently due for july 1st and subsequent payments okay so it's actually still timely right because i'm recording this in july you're not technically 30 days late until august okay we're pleased to offer you special forbearance to allow you time to recover let's see what this plan is this plan will terminate at the earliest of these situations you return to permanent employment or your financial employment or situation has improved wait a minute wait a minute wait a minute there's nothing in the cares act about me going back to work and then terminating this plan nope nope big x would not sign this you fail to make payments according to the schedule below okay we'll look at that upon completion of the payment plan schedule below if applicable okay we'll look at that at the end of this plan you will need to take one of the following actions fully reinstate the loan by paying all of the payments due no that's a horrible idea pay off the full outstanding balance of the loan no that's stupid apply for loss mitigation assistance by submitting an updated loss mitigation package no what are you talking about if it is still if you're still unemployed it is possible the only available option will be to sell your home what this is utter garbage complete scam this is how the like these banks are literally trying to rip people off absolute garbage this is not in the cares act this is not what the law says as part of this plan you are agreeing to the following responsibilities actively look for employment that's not what the cares act says immediately notify us of any change in your appointment no screw you call in to provide monthly status updates no that's not what the cares act says rip off rip off rip-off repayment schedule so they give you a six-month repayment schedule it's zero so it's nice but at the end of these zeros you have to pay up all of the six months you missed signing this would be a big ugly mistake this gateway company is trying to rip off their customer and it's absolutely disgusting this is exactly the opposite of what the cares act is designed to do this is absolute greedy corporate bullying that's the kind of garbage you have to be careful of because that's the kind of crap that's out there so stay safe be smart about the decisions that you're making and do the right research for the channel check out the courses that i have linked down below so i can help you build your wealth and always remember
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