What Are Recession Mortgage Relief Programs?
The recession mortgage relief programs may not be in your best interest. That’s because there’s a lot of fine print they don’t outwardly tell you. Mortgage relief, also known as mortgage forbearance is usually reserved for folks who are having financial hardship, typically from an illness, hospitalization or being unemployed. In light of the current circumstances, banks across the country have announced a mortgage relief program for borrowers who fall into that category.
But be weary because there is no such thing as a free lunch and banks will always want their money and to make a profit. A lot of the “fluff” and public messages you’re seeing from companies right now is a PR move and trying to save face as this whole country “shutdown” is in place.
Here are the top 5 things you must consider and ask your lender before considering any mortgage relief program:
1. How will this impact your credit score?
2. How much do you still have to pay each month?
3. Will your interest continue to accrue? (Almost a guaranteed yes)
4. How do the program require you to pay back the relief months? Lump sum? New monthly payment?
5. Do you have to restructure existing loan? Down payment? Closing costs? Additional fees?
Right now is a tough time for millions of people. Finances can be challenging to come by at the moment. So if you’re in the group, instead of potentially putting your home at risk consider doing a mortgage relief program as you get your financial feet back underneath you. But be prepared for the hit.
Everyone else looking to take advantage of this program, understand that you’ll have to prove you have fallen unto financial hardship.
Stay clean, folks!
MAIN BANKS PROVIDING MORTGAGE RELIEF PROGRAMS (check bank website for details)
– Bank of America
– BBVA USA
– Capital One
– Fifth Third Bank
– HSBC USA
– Marcus by Goldman Sachs
– PNC Bank
– TD Bank
– US Bank
– Wells Fargo
– Follow me on Instagram: www.instagram.com/lootinglife
– Start Hosting on AirBnB Here & Get A Sign Up Bonus:
– Highly recommended CPA for taxes (tell him Kai Andrew sent you) – Kevin Smoot Email: email@example.com
– My Personal Finance Spreadsheet:
– (Best Research & Analytics) Get 3 free stocks ($12-$1200) with WeBull just for setting up a free account and depositing $100:
– (Buy chunks of stocks) Get $50 to start investing (after you deposit $1000):
OTHER VIDEOS YOU MAY LIKE:
Rental Investing With $500:
My 6 Income Streams:
Bucket Rule To Money:
Making 6-Figures With AirBnB:
My $850k Container AirBnB:
Making A Small Fortune on my $18,000 Airbnb:
BOOKS THAT CHANGED MY MINDSET:
Try Audible Free With 2 Free Audiobooks:
Changed how I looked at money:
Best book on investing in stock market:
Best shift in mindset:
Understand the importance of time:
Making money with effectiveness:
DISCLAIMER: Some of these links are affiliate links and I may get a very small percentage that goes directly to help support the channel. You will not be charged extra for clicking on the links