Right now with the Covid-19 pandemic many people are considering mortgage loan deferral options, or mortgage forbearance, and in this video I give my four tips for anyone considering mortgage forbearance.
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Today's video is about mortgage forbearance requirements.
So stay tuned to the end.
Gonna be short and sweet.
And I will give you all the information that you need to know.
Hi guys, I'm Stephanie Weeks, and this is your one-stop shop for anything and everything mortgage education.
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Well, because I have helped thousands and thousands of people with their mortgages, I cannot believe that this month is August, and I'm running to my 17th year in the mortgage industry.
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I bet you're wondering why this topic might help?
And this is mortgage forbearance requirements.
And why this topic might help you is because if you have the opportunity to take it, and you need to take it, then you're going to want to know that looks like, right?
And so if you don't need it, don't take it.
Check out my other videos on mortgage forbearance, that'll tell you more information as to why, but in this video we're going to talk about requirements of mortgage forbearance helping you make the right decision.
Number one, you have to be having a hardship.
You have a need, you have a deficiency and you're having a challenge making that payment.
That is the first step and you can absolutely apply for a forbearance to give yourself a reprieve on the mortgage.
Step number two.
I don't know about you, but knowing all the details I think is a huge requirement regarding mortgage forbearance.
So, if you need to get this information, you want to contact your servicer, the servicer is who you make your monthly payments to.
And you want to inquire about the forbearance and find out what you're getting.
There are forbearance that give you three month break, there are some that give you less.
There are some that put the interest to the back of the loan, now remember, if you refinance that becomes the back of the loan.
Don't forget your payoff's gonna be up.
But, some will put the interest to the back of the loan, and there are other ones that will give you three months off from payments, three months, but on that fourth month, they want all four payments.
So requirement number two is, know what you're getting into before you decide to proceed.
Stephanie's requirement number three, for this video today, that's me, but requirement number three is that, yes, if you go into forbearance it's not supposed to report negatively on my credit bureau.
And it's probably not going to if that's your agreement.
My rule of thumb is that you always double check everything and you assume that everyone before you did everything wrong.
Just to be safe.
So what's my point in this?
My point is this number three, if you have a mortgage forbearance and it works out for you, check your credit every month to make sure that the payment is not recording late accidentally.
Tip number four, that's gonna be, if you get a forbearance, okay, and then you don't need it, you can actually still make your payments.
So if you get a forbearance, let's say for three months, and you don't end up having to miss a month at all, pay all three months.
If you get a forbearance for three months, and you only miss one month and then you're back on track and you can pay those other months, go ahead and pay those other months.
That is my final suggestion as far as requirements for mortgage forbearance.
If you have any other questions reach out, I'm always happy to answer you guys and I answer directly and personably.
While I do not have a book on mortgage forbearance, I do have a book called "Mortgage Peace", which at least gives you more information about mortgages, how they work, what to expect and what that's like.
So I'm going to drop a link to a free PDF of the book below for you guys and hopefully, that helps.
Hey guys, in all caps, type IT APPLIES TO ME if this video has helped you.
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Thanks for tuning in guys.
I'm dropping two more videos that you can check out if you'd like some other information.
I hope you enjoy and let's please connect on social media.
See you there!
Every year an average of 21 million people apply for mortgages in the US, and only around 7 million close. I'm on a mission is to change that by spreading mortgage education. Sign up for my newsletter to be a part of my Mortgage Peace Movement!