NEW Stimulus Rule | Change to $0 Mortgage (Forbearance)

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⚠️⚠️⚠️#Forbearance #BankRules #TheLaw ⚠️⚠️⚠️

Banks do not want you to take mortgage forbearance (the $0 mortgage) because they are responsible for covering the loss on the first 4 payments you miss. After that the Fed steps in to backstop those payments. However, banks want you to feel like it's difficult to get mortgage forbearance and it's going to be hard to get the payments added to the end of your loan (deferment). In this video, I break down what banks like Wells Fargo and Bank of America say about mortgage forbearance (which is similar to what many banks are saying) and I compare that to the CARES Act, Fannie Mae and Freddie Mac, and the CARES Act (the law). You'll see how the banks are trying to take advantage of you unfairly. This walks you through what you need to know.

This works if you are a landlord as well. As long as you have a 'federally backed loan,' which I talk about during this video. In this video I also break down that the impact to your credit score during mortgage forbearance is about 40 points (it was for me) BUT it seems to fall off quickly.

After 3 months of regular payments, you should be able to get a new loan or refinance again. DO NOT take a loan modification! Remember to ask for 180 days upfront, THEN a 180-day extension. We also cover FHA loans, VA loans, USDA loans, and mortgage forbearance for Fannie and Freddie conventional loans.

Documents I referenced are here: https://metkevin.com/docsjune25

00:00 Introduction on $0 Mortgage
01:39 Example 1 of How Banks Trick You.
06:44 The Law (CARES Act).
09:48 Example 2 of How Banks Trick You & Credit Score.
11:43 Important July 1, 2020 Change.
17:17 Example 3 of How Banks Trick You.
19:16 My Recommendation for Landlords & Homeowners.

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Видео NEW Stimulus Rule | Change to $0 Mortgage (Forbearance) канала Meet Kevin