Mortgage Rates

Fed JUST Released Update on Mortgage Crisis





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The CARES act approves mortgage forbearance for those affected by the mortgage crisis. Yet as many have found, mortgage-loan services (the companies who accept your mortgage payments) have been highly difficult to reach or deal with. When borrowers finally reach servicers, borrowers are often offered terms that say the entirety of “forbearance payments” are due immediately at the end of the forbearance period. Not only is this impractical, but for many, it’s impossible. This is not the intent of the mortgage relief we bargained for and it’s not what Congress intended with the CARES act. As such, the Federal Reserve has threatened banks, proving the consumer’s demands to reasonable repayment terms. Ideally, all mortgage forbearance should be added to the end of the loan term. Mortgage services saying it’s impossible to add loan payments to the end of the loan are either misinformed, wrong, or lying. Stand your ground in negotiating with the servicers. The servicers are squeezed for cash and are retaliating against homeowners by offering terrible repayment options.

How can you get mortgage relief? Contact the company you make payments to (servicer), let them know you’re recording the call and document your call, explain that you can’t make payments due to the disaster, and make sure you do not settle for any repayment plan that does not work for you. Servicers MUST make a good faith effort to give you a reasonable repayment option. If you’re having trouble with your home loan, do not let mortgage servicers trick you into a corner! Do not kick the can down the road – demand properly resolutions up front.

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36 comments

  1. I think my dad has this situation on his rental…

    I need to call my dad. Thanks Kevin!

    Reply
  2. Thanks Kevin!!

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  3. Gonna be a Bankruptcy Crisis

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  4. Thank god mortgage crisis , I finally I can afford a home.

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  5. I still don’t understand why people won’t make their payments if they are getting unemployment and the additional $600 per month to make their payments. I understand forbearance until you get the unemployment retroactive money, but that’s why they are getting this money….

    Reply
  6. Get Kevin a new Jacket! How many self employed people or small business owners do you think thought they were getting the 10k and simultaneously asked for mortgage forbearance? All those people will likely only get 1k and will surely get foreclosed on. They were set up for failure and a class action lawsuit should be started.

    Reply
  7. DUDE THERES GOING TO A BIG FUCKING GIANT L. NOT A V OR U. THE LINEAR GRAPH WILL SHOW AS AN L. NO RECOVERY IT HASN'T STARTED DROPPING YET SAD BUT MAY BE TRUE

    Reply
  8. Hmm, the gov actually fulfilling its purpose… I'll wait to see how this turns out.

    Reply
  9. Would the landlord insurance you mentioned on a previous video cover for non payment in the case of Covid?

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  10. 4:30 this is absolutely true because lenders are offering different terms for loan forbearance. For example, my neighbor was offered 3 months of a loan forbearance period while my lender offered me 6 months (but I declined it).

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  11. DUMP IT ALL !!!

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  12. Don't trust the lender. Period

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  13. Bottom line, 2021 going be a slippery slope for real estate 🏡

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  14. These videos are great

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  15. I hate when companies don’t give me all the options it happened to me when I got insurance one time

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  16. Thanks for this video, Kevin! I looked into a loan forbearance for myself because I'm a Realtor and can't show houses to my clients in my county due to the stay at home order. HOWEVER, I didn't move forward with it because it CAN EFFECT YOUR CREDIT because the lender doesn't report anything so the lack of reporting may hurt your credit.

    Reply
  17. On average people are collecting 900 dollars a week on unemployment. We have treatment options now for the virus, Dr. Fauci is not being listened too, which is good. I bet we will be open for business by the end of April, if not sooner in some parts of the country. Economy bounces and is historic. Thank god we do not have Hillary, or we would be like communist China

    Reply
  18. Good morning!!

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  19. Can we reinstall 2020 this version has a virus 😭😂

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  20. I’m making tons of money off this covid – 19 lmao i

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  21. Any Covid19 discount code!! I have the time to go through your courses! Particularly the real estate investing one and the real estate agent course! I would love to take them as I’m looking to buy within 3-12 months

    Reply
  22. This is odd. Im watching your video on my phone while browsing your videos on the pc. But this video isnt showing up in the list of your videos organized by date. Im worried if I refresh my phone this video will disappear. YT is driving me nuts 🥜

    Reply
  23. That seems like a good time to get a wedge deal

    Reply
  24. When Kevin can't pay his mortgage payment. Talk about that .

    Reply
  25. Really appreciate your content on this, Kevin. Everything is crazy!! I decided to back out of my first real estate deal I was going to close on.

    Reply
  26. Kevin, do you think the stock market is going to hit new lows???

    Reply
  27. How do you recommend a 14 year old to get started in real estate and build connections?

    Reply
  28. I NEED TO BUY A HOME!!😩

    Reply
  29. 8th comment

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  30. How many coffee cups does this man have???

    Reply
  31. First comment

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  32. Thank you for keeping us updated sir! You’re the best.

    Reply
  33. dam upload 13 sec ago

    Reply
  34. Great video.

    Reply
  35. Kevvvvin

    Reply
  36. First

    Reply

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