저자: Kevin · 외국인
요약 보기
2020년 3월 상원 통과 코로나 경기부양법안(880페이지)의 모기지 유예(forbearance) 조항을 해설. 연방보증 대출 1~4가구는 피해 '진술'만으로 최대 120일+120일 유예 가능, 5가구 이상은 증빙 필요. 유예 중 수수료 금지, 신용보고는 연체 기록 정리 가능. 임차인 퇴거 금지, 유예 후 상환 방식(일시납/분할/만기 추가) 설명. 주식·자산 가격에 대한 예측 발언은 없음.
다듬은 글
hey everyone Kevin here I've got something really shocking I have the entire 880 page stimulus bill right here and the zero dollar mortgages in this so let's talk about this just a heads up I know I talked about this I were roughly around last week I kind of shared with you my experience of trying to go through the process of not making my payments on a rental property just to see what the process was like and a lot of questions came out of that video because we didn't yet have a stimulus bill in fact they never called me back surprise surprise well not really well this actually makes things a lot easier shockingly easier so let me go through this Senate bill just a heads up the house is expected to pass this tomorrow and the president is expected to sign this shortly after it is possible that a change comes in but this looks pretty solid so far so let's go through what we've got and if there are any other weird changes know that I'll be looking for that and yes this is a composition notebook but it just happens to have the iPad and look at this 880 page PDF in it this is crazy but that's what you got me for to go through it all now if you're a tenant skip to minute 12 25 unless you want to learn some more about real estate in ownership number one the bill says that if you have a federally backed mortgage in either a residential one to four property like a townhouse apartment a co-op a duplex triplex four-plex single-family house or you have a residential multi-family building that has a federally backed loan you could request forbearance not only break that down federally-backed bottom line is gonna be like 98% of you it means you did a conventional Fannie Mae Freddie Mac Ginnie Mae FHA VA USDA like these big really common loans probably what you got if you did like an owner finance loan or a hard money loan that ain't federally backed okay but most of the other stuff is and if you're in doubt just send a quick text to your loan officer hey on this place was that federally backed as they should know now if you have one of those properties you can request forbearance which basically means you not making your payment at some point you'll have to catch up but we'll talk about that later the bill says you can request forbearance if you have one of these residential properties I believe there are exceptions for land and vacant properties or properties already in foreclosure but if you've got a residential place and you got a loan and you're not going through foreclosure and some human being is living in it it's not like a retail store you could qualify to stop making your payment's but what does it take to qualify well this is where we have to break it down into one two four and five plus if you're interested in not making your payment on one to four real estate you have to have a direct or in direct hardship related to the outbreak and the big part about this bill which is honestly mind blowing like this right here this is the money part right here this is your zero dollar mortgage it says in order for you to verify that you have had a direct or indirect hardship because of this outbreak all you have to do on one for residential real estate is affirm that you have a hardship affirm does not mean document affirm means state so if you state that you have a direct or indirect hardship boom you should qualify that's how the bill is written now it's different for five-plus unfortunately if you have five plus units and you want to request this forbearance this affirm actually becomes document so that kind of sucks if you've got a big multifamily building you got a federally backed loan you're gonna go through a little bit more of a hard time everybody in the one to four space which happens to be my favorite all you have to do is say so you got me - I got a problem - yep I'm indirectly affected can't go to the grocery store I'm affected this is I got I'm running out of toilet paper this isn't pissing me off I don't know if that's exactly how extreme you can go with this affirmation but the text says affirm and I'm the kind of person that believes words have meaning and that's actly what the text says and it doesn't say document under one to four so that's kind of cool in fact here's the section where it specifically says no additional documentation other than your affirmation now if you have a one to four unit you can get up to 120 days of forbearance which is four months that's incredible but beyond that if you need to you can actually request an additional 120 days for essentially a total of eight months of forbearance as long as you start this process during what they call the covered period which I believe is March 13th to around July 11th so you got to make sure you get it done relatively soon though I would wait for the bill to pass or maybe even get in line and start crawling early like I kind of recommended you do in the last video but that's kind of our secret okay the earlier you get in line the quicker you get contacts all right but no we'll save that for a different video here unfortunately you get screwed again if you have larger multifamily you can only request a 30-day forbearance and after you get that 30-day forbearance you're allowed to ask for additional 30-day periods remember you have to document this hardship though which is a little bit more challenging than just me - right but you also have to make sure that you put this claim in by the 15th of each month prior so you've kind of got a little bit of a chore to keep it going on the larger multi-family pretty easy over here on the one to four now very important when should you actually stop making your payment only once you have a confirmation and it better be a written or emailed or fax confirmation from your loan servicer the company you make the payments to that you are in the forbearance program if you just stopped making your payment and you didn't ask this is bad you might have your credit affected you get might get penalties and all the stuff you gotta ask you got to follow the process my expectation is if this bill gets passed this month which everybody's expecting then you might actually be able to get this to happen by your April 15th or April 16th deadline which is usually where most loans become late generally our loans are due April 1st but there laid until the 15th or 16th so hopefully we could use that window to get this sort of forbearance processed if you need it now what about fees well the bill says that lenders are not allowed to assess you any kind of fees they're allowed to keep charging you interest obviously for those months because in the future you are going to owe this money you'll have to repay this money this is just trying to help you now and we'll talk about that repayment but fees have to be waived no fees can be assessed for you going through the forbearance option now what about credit can they report you to the credit bureaus for making a late payment well that depends if you're currently late on your loan yes they can continue to report you as being late even if you enter forbearance however if you catch up and then you ask for forbearance they have to report you as being current to the credit bureaus which is good you want to be reported as current you don't want to be late so if you're late catch up request forbearance and during the forbearance period you will be reported as current so if you're currently current on your loan that is you're making your payment's you haven't been late and then you get forbearance they will report you to the credit bureaus as being current aka not late no negative hit to your credit and in fact most websites that you go to for lenders are already being proactive with this and they're already proactively saying hey we're not gonna report you to the credit bureaus like we get it like nobody's out to try to screw your credit during this time I mean maybe some people are but a lot of companies are being proactive about that and by the way if you're worried about your credit score you're probably interested in making money and learning how to invest in which case you might take advantage of this time and join me in the links below to learn about investing in real estate learn about how to renovate real estate correctly so that you can profit and make money and get market insights from me every day at 9 a.m.
and our private live streams where I can help you look at pictures of your properties and say do this don't do this here's how to rent the property out and here's how to get your deal up and running so that you're making sure you're making as much money as possible check those links out down below so right next to the Wii bowling which is of course where if you deposit $100 you can get two free stocks valued up to $1,400 now what about qualifying for a new loan if you're going through forbearance like if you've stopped making payments on existing loans is that going to affect your new loans maybe not this is not clear yet but it's quite possible that you could still qualify for new loans while you're getting forbearance because remember the lenders are reporting you as being current so when a new lender looks at your loan application and they run your credit and everything shows this current they don't necessarily know that you've got forbearance going on at other properties now I don't know about the whole like ethics of that or morality of that I think that's for you to decide but like if you're currently doing a refinance because you need some money because you need cash and at the same time you're going to request forbearance on rental properties because your tenants aren't paying like I get it and right now there does not yet seem to be a way for new lenders to find out that you're doing forbearance although it's possible that they might have some kind of form that they slip in and say I affirm that I'm not getting any forbearance on any properties so that'll be another little ethical issue there if that comes up now what about property taxes and insurance how about handling those Kevin so this is where things get complicated there's nothing in the stimulus bill that references property taxes and insurance now a lot of us we pay one lump payment that is we pay our principal our interest our taxes and insurance in one payment and then the lender pays our insurance and property taxes for us but if we go into forbearance and we don't pay our loan for a period of time you're going to probably end up with something called an escrow shortage which generally means that escrow company that's paying your property taxes and insurance is going to start billing you monthly to catch your escrow account back up now some counties are doing their own sort of property tax forbearances like I think San Diego is saying you have to pay your property taxes and Orange County says you don't have to pay your property taxes if you have a hardship every county is different it's a big mess honestly me personally I would just keep paying my insurance and my property taxes if I had a tenant not paying all right I'll float the property taxes and insurance let me catch up on the principal and interest later ideally at the end of the loan and let's just keep chugging along and get through this mess obviously if you don't have an escrow or impound account well then in that case you probably have to make the payment or risk being late or again contact your insurance company and your local tax assessor's office to see what their plans are I have no idea if any insurance companies are offering any kind of forbearance right now and insurance is something you do not want to go without like especially rental robbery that's like the number one thing you need to have landlord insurance now if on top of all of this you're still nervous about the risk that your tenants aren't paying and you can't get them out and you happen to be using a professional property manager to rent your property out you might want to go to a website called sure Wester calm this is not sponsored but this is a platform where you can actually get insurance against eviction and loss of rent now there are limits there are deductibles I personally am a big fan of do-it-yourself property management increasing your cash flow when you're local and being in control of your property as long as you're properly educated and knowledgeable but if you do happen to have a property manager that is a potential perk if you want to pay for it I personally don't like paying monthly fees because I'd rather take my monthly fees and invest them into the stock market now as far as tenants we've heard a lot of things from different states different counties but this bill actually makes it a Federal Rule that nobody can be evicted during this process if you request forbearance you cannot ask your tenant to leave so if you were thinking oh I'm gonna get forbearance and then give my tenant a 30 day or 60 day notice to move sorry you can't kick them out and have forbearance because remember somebody's got to be living there for you to get forbearance now does that mean if you're a tenant you can stop paying rent well no much like an owner or a landlord you have to ask so if you have an urgent need I recommend you get on the phone sooner rather than later don't blindside your landlord don't just not pay open a dialogue sooner rather than later with your landlord remember you're still going to owe this money whether you're an owner or you're a tenant you still are responsible for paying this at some point and so if you are a tenant and you need to stop making your payment and you know you're protected here's my simple guide for you number one document send an email to your landlord and mention that you're going to have trouble making the April first payment the May first payment get this documented and mention it step two I highly recommend you throw an initial volley and say something like hey the good news is I am able to pay 25% of it or whatever if you are actually able to pay 50% of it hey quick tip start your negotiation at like 25 percent and end up at 50 percent and cool your 50% off and you'll repay later the reason for this is because most landlords still have to pay taxes insurance and property managers let's not talk about the ways to pay this money back because obviously we still owe the money whether we're a landlord or a tenant so the three ways to pay the money back or generally a lump sum this is gonna be the hardest for everyone both landlord and tenant this this one's kind of sad because I mean look if we go through I don't know skipping our payment for April May and June and then the bank or our landlord says alright it's July 1st everything's good pay up the last three months I don't know who's gonna be able to make all that money appear like that's a bad idea I don't think that's gonna work for landlords and I don't think it's gonna work for tenants a lot of banks unfortunately right now are trying to pull that off on a lot of homeowners who are calling in so be aware do not accept something like that it's a bad idea it's possible we're gonna have to wait a week or two for things to kind of iron out and we kind of see how precedents get set and and how Congress sort of mandates in different states that these lenders respond so again this is why I think you're probably gonna be handling a lot of this around like April 5th to April 10th is my guess for when a lot of us are really gonna want to call in because we're not gonna get stupid offers like oh yeah we go a lump sum payment at the end of this period that the better option for both landlords and homeowners is the installment option and that's basically you stop making your payment for April May and June and then starting July you pay your regular let's say it's $2,000 per month and then you add I don't know $200 a month every single month until those months are repaid that's realistic that's how I'm expecting tenants to repay if they can't pay and that's how I would be okay repaying as well if I'm an owner it gets me through the tough time and yeah it's a little bit more of a payment every single month after that but generally if we can afford $2,000 per month we can afford the $2,200 per month and it just took a lot of stress off of our shoulders during this sort of rough period of time so you know it is a little bit of a double-edged sword so the installment option is really great good for tenants are good for homeowners but the best case scenario for homeowners is right here the add method the add method is basically adding the payments that you were supposed to make now to the end of the loan best-case scenario but bad for tenants last thing you want is a tenant moving out and then oh by the way now you owe me 10 grand because you missed three months and you over the last month well the security deposits gonna get chewed through then you don't have any tenant leverage that's just a bad idea you want tenant leverage that's what I teach in my property management course link below do-it-yourself property management go save some money but anyway adding the payments to the end would be the phenomenal best case scenario this would literally be akin to the zero dollar mortgage because in theory for eight months you could defer your payments and then just attach those to the end of the loan in twenty or thirty years from now which thanks to the time value of money isn't that expensive so folks there you have the latest and greatest directly from the Senate bill there's a lot of other stuff in here but this is what's in the Senate bill when it comes to mortgages and the potential for your zero dollar mortgage for up to eight months which is incredible in some way add it to the back of the loan it's kind of like you're living for free free months so if you liked this video make sure to LIKE and subscribe ]
댓글 0