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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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.
Also checkout Surevestor.com if you have a property manager.
❎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