Fed JUST Released Update on Mortgage Crisis
An update to the 2020 mortgage crisis. Learn the psychology of investing & making money, use code ⚠️MoneyFromHome⚠️ expires 4-15-2020 – Free life insurance quote in minutes: 🦠🦠
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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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