Mortgage Loan

Senate Approves $0 Mortgage | How to Stop Paying your Mortgage & Rent





The stimulus bill’s mortgage relief is here! (And some help for tenants!). Here’s how to stop paying. ALSO, join my programs & live-streams 5 times per week: — Use coupon: 🧰MoneyFromHome🧰 & 💰💰2 Free Stocks 💰💰

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**WARNING: THIS BLL MUST STILL BE SIGNED BY THE PRESIDENT & PASSED BY HOUSE**
The Senate’s stimulus bill allows you to affirm that you have a direct or indirect hardship to stop making your mortgage payment WITHOUT damaging your credit as long as you are current before you get forbearance. It’s very important to request forbearance from your loan-servicer before stopping any payments. There are special rules for Residential 1-4 units (allowing you to stop paying your mortgage) and stricter rules for residential properties with more than 5 units.

The Senate’s stimulus bill also freezes evictions throughout the country for tenants AND prevents owners receiving forbearance from asking tenants to leave. I give some personal advice here on how tenant’s can request a rent reduction or deferment as well as reviewing options for repayment (since rent and mortgage payments will still be owed, at some point).

How do I stop making payments on my mortgage? Request forbearance – DO NOT “just” stop making payments.

What does a forbearance agreement mean? A forbearance agreement is an agreement for you to stop making payments on your loan, penalty free. Generally forbearance agreements should include: No penalties, no impact to your credit, the right for you to cancel forbearance early (should you want to), AND *very important* a repayment plan.

Will forbearance hurt my credit? No, but you must get your forbearance agreement in writing BEFORE you stop making payments and you generally have to be CURRENT on your loan.

Do I have to repay forbearance rent or mortgage? Yes, and there are a few options for that. Lump sum at the end of forbearance, at the end of loan or tenancy, or additional monthly installments.

Do I still have to pay insurance and property taxes during forbearance? Yes, likely – unless you request forbearance FROM your county tax assessor and/or insurance provider.

Do I need to document my hardship? If you have a federally backed, 1-4 residential loan AND you request forbearance, you might ONLY have to affirm that you have a hardship. Additional documentation is not required (per Senate stimulus plan).

What is a federally-rated loan? Usually anything backed by Fannie Mae, Freddie Mac, Conventional loans, FHA, VA, USDA, and some others are considered Federally Backed.

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Also checkout Surevestor.com if you have a property manager.
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❎I am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Kevin MAY have an ownership interest in them — DO NOT make buying or selling decisions based on Kevin’s videos. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Meet Kevin®. Any use of other media is by fair-use only. The Paffrath Organization is a licensed real estate brokerage doing business as Meet Kevin® in California under DRE #02032575.

#StopPaying #HowTo #Relief

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49 comments

  1. Kevin, Thanks for the tip!
    I have a chance to refinance at a lower interest rate next week. Do you think that new loan would qualify for the forbearance?

    Reply
  2. I just closed on refi Kevin. My first payment isn’t until June so what do you think will happen as far as showing current if I’ve never made the first payment?

    Reply
  3. I called my lender.. Their doing a 90 day forbearance program. if your mortgage is a $1K/mo You will owe $3K on the 90th day. During this 90 day process, no late fees or credit reporting. Bottom line is..if you can pay your mortgage then pay it.

    Reply
  4. Very informative and a I like the channel. But I cringe listening to this in the context of 2008. Granted 2 very different scenarios, but, you’re inferring that the bills will pass. And, you also assume the banks will care after they get bailed out. Just reminder from 2008…the banks did fine, homeowners not so much. And no one went to jail. It’s a hard time for all, but (IMO) you maintain just a bit too much optimism bias in the face of past events. A realistic context would be more valued looking forward.
    Regardless, safe wishes. Thanks.

    Reply
  5. Just pay your mortgage. Free money is too good to be true ALWAYS! What they don’t tell you is this WILL hit your credit history as NP (not paid) for the payments missed. I’ve worked way too hard to let a virus fuck it up. Don’t do it y’all, it’s not worth it, unless you’re just really bad with your money already.

    Reply
  6. Do you know how this will affect my parents who already took the "lump" option from the bank before this Bill was passed?

    Reply
  7. My personal opinion is if you can afford to pay your bills ( mortgage car loans etc ) do yourself the favor and just pay it. Let this be for that individual who really needs it because he has no other choice therefor he is willing go through all this headache of phone calls back payments etc etc. I dont have time for all this nonsense just to hold someone elses money in my pockets. Its theirs so I will just be paying them. And thats that!

    Reply
  8. To stretch your $$$ and stay active when most gyms are closed workout from home with me for free! I share my best workouts in my channel: fitness anytime and anywhere by Marzena. Pilates, Intervals, strength. Using water bottles for weights and mat! I hope to you you there ! Great Video Kevin!

    Reply
  9. I hear LOTS of YouTube content creators bemoan being demonetized. If this excellent informative and timely video is indicative of the content you regularly provide…then I wouldn’t worry about being demonetized. Well done.

    Reply
  10. The new rules are that you do it because you care about the other person, not because you are tying to consume them. You create a name for yourself by the sweat of your brow, and then people start to pay you out of appreciation. All things are possible through Jesus Christ. Wake up sleeper. Smell the freedom!

    Reply
  11. so what Grant Cardone has been preaching AGAINST gets qualifications by "affirming" hardship and his giant multi family do not. I guess he loses out on this deal. 10x gets the shaft

    Reply
  12. Hi Kevin… Very informative, thank you. I just Subscribed to your YouTube channel. Question: I own and lease out a condo in California. Under the new Senate Bill, can my tenant avoid paying they're monthly Rent to me and Not be evicted during those months stated? Or are single family home rentals are excluded? Thank you Kevin!

    Reply
  13. Thank you for the great information. A lot of families definitely need the help right now including myself.

    Reply
  14. This bills a joke…rewards laziness. Inflation coming.

    Reply
  15. My lender explained those three options however the part about the adding on to the back end is convoluted. My lender said that at after the forebearance period your loan is rewritten and you are locked into another 15 or 30 years. Your payments will obviously go down but you know have a new 15 or 30 year loan. Any truth to this?

    Reply
  16. I called and asked, kept asking about unemployment and loss of work I haven't had any yet. But my fiance is layed off and they said doesn't matter she not on the loan. But wouldn't that technically qualify?

    Reply
  17. Got no debt I sleep well at night while all these weasles out there gaming the system. Where are the capitalism worshipping, how you gonna pay for dat clowns now!?

    Reply
  18. 47% of the us has NO SAVINGS and are living paycheck to paycheck. Only 15% of Americans have at least 10,000 in savings. More people need Dave Ramsy to set them straight. These are the times 15% survive and invest in the sale in the market to ride up the recovery.

    I've saved to survive several months of being unemployed, including keeping house, utilities, and insurance current.

    Those with credit cards, student loans, car payments, rent, and no savings are not prepared for this.
    The "I deserve this because you only live once" will get what they deserve for being unprepared.
    Scouts used to teach always be prepared. Looks like that is only 15% of us.

    Reply
  19. Better to go through the government or the Bank?

    Reply
  20. This is so funny how this guy is teaching broke Americans to build their house of cards thinking they are wealthy 😀

    Reply
  21. It's deferred payment not payment free. They'll jUst extend your loan terms for 120 days. Banks will get their money plus interest for lost profits courtesy of tax payers.

    Reply
  22. What about commercial real estate??

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  23. Del Taco not paying rent along with… Business is way off down to half. There’s only so many $.99 cent tacos you can sling out the back door to cover rent and it ain’t happening.

    Reply
  24. What happens when your renters quit paying their rent to you for the next 6 months, then your rental property goes into foreclosure then your primary residence is next . Remember its illegal to evict them at this present time.

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  25. Do condos qualify?

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  26. This guys a clown. Wannabe landlord over leveraged on his properties is not paying what he owes to the banks to free up temporary cash flow. Short sighted.

    Reply
  27. Thanks for the awesome information

    Reply
  28. Is this possible on student loan? Any help would be greatly appreciated! Thank for the content kev

    Reply
  29. To our wonderful renters and all others who are trying to beat the system: Prov 3:27 "Why would you withhold payment on your debt when you have the ability to pay? Just do it!"

    Reply
  30. I guess if you could talk your lender into taking installment payments or add at the end, sure, but the only thing in the law was guaranteeing forbearance. I didn't see Anything in regards to how you were going to pay back the forbearance period.

    Reply
  31. How dare you replace the dragon scimitar for a lightsaber

    Reply
  32. I seen people with letters from their HOA , saying late pay or no pay a lien will be put on the condo and late fees will add up every month so on. How can the HOA be reported if possible.

    Reply
  33. I called my bank (Bank of America) and requested a forbearance. It was approved and the whole conversation took 10 minutes. No forms to sign. We are definitely impacted by this situation. We have 2 businesses and had to lay off all employees.

    Reply
  34. The 1-4 does that include a regular house

    Reply
  35. @meet Kevin my brother mortgage company told him they are not doing the stimulus package and they are requiring everyone to keep making their payments. Can they do that with the stimulus package?

    Reply
  36. AHAHAHAH
    THANK YOU PETER PARKER
    FOR YOUR TELLING US WHO TO BE MORE FUCK WITH YOUR FRIENDS THE GOVERNMENT AND THE BANKS
    NOW YOU CAN GO BACK AND CLIMB WALLS

    Reply
  37. what about condos?

    Reply
  38. Putting your bill off to a later date is not a good thing. Smile now cry later is bad.

    Reply
  39. Keep us updated Meet Kevin

    Reply
  40. This is a terrible video, I don’t think it’s helpful… Why help people lose their home? Just pay your mortgage people. So you delay your payments to get a bigger bill 3 months down the road. Which then you really might not be able to pay.

    Reply
  41. The only time this ever worked is when the World Trade Center crashed down and all the home loans that were sold on the second market ended up on one of the floors. If you purchased your home. Between 1998-2007. Since they were sold multiple times to different lenders they the banks knew you owed but couldn’t prove it. To this day all of them home buyers got a free home unless the current owners were honest and paid but I doubt that happened. True story.

    Reply
  42. Are you personally going to go for forbearance??

    Reply
  43. the way to handle it is a 90 day clock freeze, the clock stops 31 March, 90 days pass, then clock goes to 1 April

    Reply
  44. Don't buy much. That way the checks keep coming.

    Reply
  45. brazil they just kick your ass out, lucky usa-ers

    Reply
  46. vegas?

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  47. where do we define the kick in time? June 2020 or June 2021?

    Reply
  48. I don´t think manny koshbin will accept, he needs to pay his 200 million dolllar car payments, 19 million dollar items in personal office, dangerous wife, etc.

    Reply

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