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thank you for calling this is Robert Chavez on recording line to that the pleasure speaking with today my gosh I cannot believe I just actually called the bank they try to stop paying my mortgage now I've got some details to fill in with you on that but first I gotta say the free time has really really helped me tone up if you know what I mean yeah these times are crazy and today I wanted to share with you my experience and calling the bank to stop paying my mortgage and I want to go through the steps with you now a lot of you who know me know that I have a lot of investment real estate I've had a lot of properties that have mortgages and I have some properties that don't have mortgages and some that have very very small mortgage balances and today I wanted to go through the process of what it's like and the steps that you should follow to protect yourself in the event you want to get this process going and protect yourself especially through this time of uncertainty now I just want to be fully transparent here I don't actually intend on missing a single a mortgage payment and fortunately because I maxed at over here I've got enough reserves to cover my payments even if all of my tenants stopped paying but I wanted to go through the process to not only know what the process would be like but also to be able to share it with you and help my course members because I'm getting a lot of comments on the public YouTube channel in the public discord and in the private discord and even in my private live streams at 9 a.m.
every day where we talk about the market and what's going on about people wondering what do we do if our tenants stop paying rent what do we do if we can't make our mortgage payment anymore so this is a step-by-step guide to help you get through that process step number one I really want to encourage you to start this process early if you see okay I've got two months of payments I can make and if things aren't better then then I'm gonna have to ask at the bank for help start the process now because you can't just call the bank and go I can't make my payment any more ain't making my payment because then your credits gonna get shot it's really bad don't do that so if you're thinking I don't know if I'm gonna be able to make my june/july payment I don't know if I'm gonna be able to make my payment in August I personally would recommend contacting the bank now now I know a lot of people might hear that I think oh my gosh Kevin you're gonna encourage all these people to call the bank and it's gonna saturate the phone lines and the weights are gonna be crazy long I wish I had that much reach I'm just saying this to all of y'all who support me that you may as well get in line as well because the line is already pretty long and the earlier you get in it the better and I mean just so you know you can start this process even if right now you're okay it's better to be prepared so that way at least they've already got your file open they've got a log of you starting to work with the bank early everybody appreciates a solid heads up the same goes for if you're a tenant if you're a tenant like hey I know I'm not gonna be able to make my payment in July if this keeps going on then at least reach out to your landlord and give them a heads up everybody loves a good heads up even if it's bad news step number two you want to find your mortgage statement so I'm going to use my iphone here to show you a real statement this is actually a a real escrow account statement and so let's go on over here what you want to find is the loan number have that handy you want to be prepared because you're gonna get transferred like three or four different times so you want to make sure you have that ready to go and then you want the customer service number see today is Saturday and they're gonna be open from 7:30 a.m.
to 4:00 p.m. don't call within an hour of 4:00 p.m. because you'll end up getting to like the last stage and then that place will be closed so make sure you call like an hour - before they actually close so loan number customer service number probably helps to actually know which company you're calling just to make sure you're calling the right company and you're good now before you start dialing step three is go to the website for that company so in this case flag star Bank and look to see what kind of homeowner assistance options they have honestly a lot of banks are streamlining this so much that do not pick up the phone and call until you've familiarized yourself with the online options because watch how amazing this is I did a quick google wrote in a flag star the name of the company homeowner assistance they you go facing financial hardship sounds good to me let's click that and most banks have already updated some sort of illness mortgage assistance information so here you can see sort of a description of different options and things that you have but what you can really do is you could just click this button here hey request forbearance fill this out name last for social address email phone loan number so you always need that loan number yeah and then answer a couple questions here is the property you're providing your primary residence yes or no let's see what happens if we click no here and are you experiencing a financial hardship yes and there you go submit I wonder what happens if I hit no that's interesting I could probably still submit yeah it doesn't say it doesn't give me any kind of error that I can't request it even if I don't have a financial hardship so that's good this this gives you options even if you're in a situation like me where I could still make the payment but if the tenant stops paying me I'd kind of prefer not to now I don't know about like the morals or ethics of that but I guess in theory you don't even need a hardship now you could literally just click no and submit request and then just wait to hear unfortunately though not all banks are going to be as easy as this when I went to shell points mortgage servicing website and they literally wanted every potential source of income if I had rental property they wanted a profit and loss on all of these and I mean I have those records but it was way more of an intimidating process so what I decided to do was I called shell point and here's how that process went by the way you know it's kind of crazy is as an owner or a landlord you could push a few buttons on your phone or make a phone call and not have to make your payments as a tenant you don't get that luxury sure landlords might not be able to evict you but gosh it's kind of interesting how anytime there's a financial panic tenants are usually the ones who get screwed and landlords are usually the ones who have options to modify their outstanding loan balances or skip a few payments or negotiate something it's a really interesting kind of world that we live in and if you're a tenant watching this for some reason then I encourage you to consider investing in real estate because the options for you are pretty amazing even when there are issues now step four if for some reason your bank doesn't have a super easy single form like that to fill out and submit to request your forbearance then the other option you have is calling them now a few notes for calling these companies and when I say these companies I mean any bank right now because they're all inundated with phone calls number one tip very very important that you go do something where you could just listen to the phone in the background or put some headphones on for example you can study my teachable courses linked below still have a 30% off a sale going on that I briefly extended but the price will be going up shortly you can also deposit $100 with weeble and get two free stocks valued up to $1400 they also extend it at their sale I believe through the end of March which is really really good get those two free stocks before they turn that dial back and get rid of those two free stocks also you know how most banks start the conversation off with hi this is Jimmy with Jase just a heads up calls may be recorded this is a perfect opportunity for you to record the call after you say something like sounds good I'm recording the call to Jimmy or sounds good hey Jimmy you mind if I record the call too that way we're on an equal playing make some kind of joke out of this so it's not awkward you don't want them to feel like oh my gosh what if what if this is a secret shopper also a good idea to just write down make your life simple write down the person's name you spoke with their badge or employee ID you can just ask hello by the way what was your name how do I spell that and what's the ID number I just want to make sure I document this appropriately and write that next to the phone number you called and the date and time that way this call could always be looked up and referenced in the future if for whatever reason you lose your recording or you don't want to go through it you just want a quick reference you have way more leverage if you're properly prepared like you don't want to be like me most of the time when I call the bank with a problem and they're like alright can we get started with your account I'm like I knew you were gonna ask that but hold on can't find it and you're like driving and can't find it yeah yeah be prepared and you're actually gonna get a lot further with this because this is a negotiation step number five know what your goal is notice how I'm giving you a lot of steps before we even get to the call part it's important to be very very prepared and one of them is knowing what potential options they might offer you you don't want to get options given to you and then like I guess that sounds good go in knowing what you want generally what you want is you want any kind of freeze or something that allows you to stop making payments for a certain period of time some banks call this a forbearance some banks call that a mortgage freeze I just recommend going in because forbearance is a weird word just say hey is there any way we could just freeze my mortgage for the next 90 days or 120 days and we'll catch up with those payments at the end of the loan that's usually the best-case scenario remember time value of money your money's worth a lot more to you now than it is at the end of your loan term so you want that freeze some banks will try to negotiate with you and say well hey we can offer you six months of reduced payments just pay us half or 75% always try to go for the complete freeze to me it's all or nothing and I would much rather take a 30 or 60 day freeze than a 180 day sort of reduction in payments mostly because I know that if I get a 60 day freeze in 40 days I could call them up again and go hey can we extend this freeze a little bit you might not get that extension right up front like day one but you always have the option remember you're somebody repaying them you have leverage once you get the loan you're the one who has power you either make the payment or you don't and if you're facing bankruptcy or you can't make your payments anymore you lost your job or whatever the banks really have no choice but to work with you now it's time to dial contact the customer service department and ask for the loss mitigation or homeowner assist in steam generally this is going to mean you've literally waited an hour on the phone to get to customer service then you get transferred to this other department that usually doesn't have a director number when you talk to those folks very key word to say is temporary you don't want the bank to think that you're a lost cause because if the bank thinks you're lost cause they might encourage you to do a short sale or sell the property and the last thing you want to do during crazy times like this is have to put your property on the market sell it move and deal with all that crap especially since states like California and New York are on lockdown and people can't even go out and look at houses you're just giving money away at that point and the whole point of this video is to get some money from the banks to protect yourself if you can't make your payments or the tenant ain't paying you anymore once you explain that you expect your situation to be temporary I highly encourage you to be upfront with everything for example when I called I told them upfront I'm a landlord I own more than ten properties I have a lot of loans and some properties without loans and I have multiple different streams of income and businesses but what I'm interested in understanding is how is income going to be qualified for example if a rental property makes $3,000 in cash flow and the payments are $2,500 but then all of a sudden the tenant stops paying or the multiple tenants stop paying if it's multi-family well what are the options then are they going to take all of my income and go ah you could still afford it or can we treat each property on a property by property basis by being upfront the representative I was working with said wow that's a really good question I haven't actually heard that before and what he agreed to do was take my request and submit it to the actual decision makers which everything what we were doing here now is you know for any that have been claiming a hardship you know for the information we are having members from our loss mitigation team then call back to those borrowers and the homeowners and disclosing what options are available there at that point these are the people that actually offer you terms usually it's hard to get these people on the phone unless they call you so expect either an email back or a phone call back and at that point you could actually negotiate with the people who are making the real decisions that's where you want to get to and the goal is getting in touch with somebody who can actually make a decision sooner rather than later even if you set up the process now if you get the green light now that hey we'll set you up for a 90 day freeze as soon as you need it just let us know great then all it is is flicking a switch which is much better than needing to not make your payment and not being prepared it's kind of like the same it's better to have a gun and not need it than need a gun and not have it I'm not trying to make a gun argument here so if you don't like guns I'm not trying to offend anybody I'm just making an example here okay you're better off setting yourself up to prepare than be unprepared when you need it now this is probably the most important staff out of everything make sure that you get an email or faxed or some form of written documentation directly from them signed by somebody or email signed by somebody something written and documented from somebody that your credit will not be affected this is really important you do not want banks to report you to the credit bureaus and ruin your chances of being able to get financing in the future that would be very very bad or at least it would make it very difficult for you to get financing in the future so to get some kind of documentation before you do anything now and only now after you've gone through all of these steps should you consider missing a payment the worst thing that you could do is put in an application with the little phone app that you saw or get in touch with this loss mitigation team and kind of start the process and start inquiring about things and then just stop making payments until you get a approval to stop making payments you've negotiated a deal and you've gotten written documentation that you're not gonna get reported to the credit bureaus then you have the green light should you need it to stop making your payment's so be very very careful the last is all y'all to skit your credit score's screwed because I need you to be able to get out there and go buy some really sick wedge deals because I want to see all of you build your wealth
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