Mortgage Loan

NO MORE MORTGAGE PAYMENTS FOR 1 YEAR?! (FHA, Freddie Mac, Fannie Mae, BofA Mortgages)





Matthew discusses the moves that help those affected by the unprecedented COVID-19 situation to potentially have no more mortgage payments for 1 year… Coronavirus has forced mortgage relief options from the Department of Housing and Urban Development, Fannie Mae, Freddie Mac, Bank of America – will more follow suit?

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Fannie Mae, Freddie Mac, and HUD have suspended all foreclosures and evictions in a foreclosure freeze that will last 60 days. This announcement is the biggest step taken by the federal government to help keep people in their homes during this unprecedented situation.

Trump made the announcement on the new HUD policy during Wednesday’s press conference on the impact of COVID-19.

HUD’s official policy stated that the Federal Housing Administration is enacting an “immediate foreclosure and eviction moratorium for single-family homeowners with FHA-insured mortgages” for the next 60 days.

This applies to homeowners that have an FHA-insured Title 2 Single Family forward and Home Equity Conversion Mortgage.

This is BIG news guys, given that Fannie Mae and Freddie Mac are the largest mortgage finance in the country.

Bank of America followed suit on Thursday afternoon, announcing that it is extending “additional support for consumer and small business clients experiencing hardship from the impact of the coronavirus.”

Included in those support options is the ability to defer mortgage payments – those deferred payments will be added to the end of the loan.

Available on a case-by-case basis and can be extended on a month-to-month term with no negative credit bureau reporting for up-to-date clients.

BofA also announced that they’re pausing foreclosure sales, evictions, and repossessions and that they’re taking the following non-mortgage related steps:

Requests can be made to defer payments and receive refunds on things like overdraft fees, non-sufficient funds fees, and monthly maintenance fees on accounts like Consumer & Small Business deposit accounts and credit cards, small business loans, and even auto loans.

Please note that all of these options are only available on a case-by-case basis.

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#MortgagePayments #Mortgages #FreddieMac #FannieMae #BofA #FHA #Coronavirus

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25 comments

  1. How has this Coronavirus situation affected you and your finances?

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  2. Yes please keep up the updates. Thanks so much.

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  3. I work for one of the big casinos on the Strip in Las Vegas. I'm luckier than most here in that I have reserves and investments that can cover me for a few years, but there are many that are already feeling the crunch. Our state governor shutdown all casinos for the next 30 days, which is just going to crush the people that are living on a paycheck to paycheck lifestyle. Preliminary numbers are showing about 207k people who have been laid off! That's a lot of mortgages and rent that's not going to be paid. Owning several rental properties in the state, I've already contacted my tenants and let them know that I will be working them to either postpone or reduce rent until things in our state get back to somewhat normal. I'm glad to hear that the banks and mortgage companies are working together to help people get through this crisis.

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  4. Thank you! Any advice for renters? 🙏🏾

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  5. Definitely gunna be a tough few months with our tenants not going to be able to pay their rent impacting mortgage payments.

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  6. I dont understand how will this help ke with my mortgage

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  7. I am torn between paying off my mortgage or refinancing and investing in the market. Been following you for a while. Always great content, thanks for your time and knowledge. owe 14000/583 per month principle and interest. Mostly principle. Got out

    of the market before the crash. It's down 50% in many companies. 10$ bills for 5$. Time to start looking hard.

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  8. great content it was really good

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  9. amazing video keep it up bro

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  10. Yes continue! Please

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  11. Mathew I have a question. Doesn’t forbearance mean you have to pay the full amount of the payments once the forbearance ends? Example my mortgage holder gave me (CMG financial). If I take a forbearance for 3 months starting April 1st for 3 months. My regular payment is due July 1st PLUS the 3 months that I “took off”. How the heck am I supposed to pay four months at the end of the forbearance if I’m forced to not work? Is Bank of America actually doing deferments? Or forbearance? I’m confused

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  12. Another example where the government rewards asset ownership. They dump billions of interest free dollars to banks who pass on a portion of that to owners.

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  13. Thank you for the informaron. My scenario will hit later. I work for a major airline. Which means layoffs will come later. So, usually this impact will come when the dust settles. By then, most of the benefits of deferment might not be available to myself and others in the industry. Hopefully, when it hits us, these programs are still in play and we can benefit from them if needed.

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  14. Does this count for VA loans as well?

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  15. This is somewhat good news. But here’s the problem. For example I live in Illinois. My job is being shut down for the most part. I have my job, but this is State ordered. I might be able to pull 10 hours a week which will pay me more than unemployment. But there are already people losing everything, things need to happen not almost immediately, but immediately as in tomorrow. Starting Monday all mortgage payments, car payments, and utility bills, And to be honest, even health insurance payments need to be deferred for at least six months. Let’s face it, all these places will get bailed out by the government. And even a bigger question, why is it all these places get bailed out and the American people get completely screwed? I mean really, they’re going to send me a $1000 check in the mail. Whoopee! I’ve been through this before. And it took me years to recover. I learned my lesson and I have enough money to survive and pay everything for six months with no income. But my point is the American people should not be suffering financially one single bit while billions are given to corporations. Billions of dollars that is literally our money. It really just pisses me off when I think about it. They put Illinois on lockdown with no financial relief. Once again it will take people years to recover. Credit scores completely destroyed. Of course all of these things are ignored. But I bet you we will see plenty of brand new banks being built once again.

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  16. keep the updates coming!
    thanks

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  17. This will definitely help home owners and to hold value to keep economy stable

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  18. Matt, THANKS.. i wonder if i can call my CC and get my payments LOWERED.. im not affected.. however.. i wonder if they are willing to be this flexible.. if i cant get lower payments (so i can apply a higher payment to one) and pay it off faster..

    So lets say 10 cards.. 800 dollar current obligation, and lets say they all drop half off per month.. it goes to a 400 dollar obligation.. which increases my cashflow to pay off one card faster..

    just thinking outside the box.
    Thanks for everything you do.

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  19. COMPLETE BS!!!!!!! We notified our Mortgage holder, FREEDOM Mortgage, within a couple weeks of hurricane Michael that destroyed our house in Panama City Florida. I STILL to this day have not got it fixed. I payed OFF the Mortgage in Nov 2018 and they reported us LATE on Mortgage payments for Nov and DEC 2018!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! IT WAS PAID OFF!!!!!!!!!!!!!!! Mortgage companies will SCREW you whenever possible. BANK ON IT!!!!!!!!

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  20. I'm not a fan of moving everything to the back of the loan since it literally may take years for people to recover from this financially I just think mortgage and car loans should literally be pause until this crisis is over and then resume as normal I think that's the best way to help people out without them falling into a financial hole in the future

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  21. That’s good news for those who need it.

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  22. amazing content

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  23. cool video keep up the good content

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  24. Hopefully Wells Fargo follows suit. I may need this relief. I’m a Director of Operations for multiple franchised restaurants. I’ve been with the franchise for 14 years. We are getting hit hard right now due to Illinois’ shelter in place.

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  25. Hi wat about Canada Ontario.??

    Reply

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