Mortgage Loan

Stimulus Bill NEW Program: $0 Mortgage Payments for 12 Months | Mortgage Forbearance





If you have a mortgage, you probably are eligible for mortgage forbearance. You can pay $0 for up to 12 months on your mortgage under the mortgage forbearance program of the CARES Act, a.k.a. the Stimulus Bill.

The CARES Act required lenders to grant you up to 360 days of mortgage forbearance if your mortgage if federally backed, which most mortgages are federally backed.

You will not be required to pay your mortgage until your forbearance period ends. Once the forbearance period ends, you must pay the money back. How you pay it back is up to your lender but can take the form of a mortgage payback of a lump sum, payment plan, or total deferral.

Mortgage forbearance will not cost you anything.

To get mortgage forbearance, call your lender and get an agreement in writing with your loan servicers before you stop paying, otherwise you will be in loan default.

If you don’t know who owns or backs your mortgage, you can call your servicer. The two largest government sponsored entities are Freddie Mac and Fannie Mae.

Is my loan Fannie Mae backed?:
Is my loan Freddie Mac backed?:

Watch this video for more information on the mortgage forbearance program of the CARES Act. We may be heading into a recession, but there are programs to help us prepare our personal finances.

Comment below with any questions you have at all about the CARES Act Mortgage Forbearance.

SHARE this video and give a LIKE to spread the word to those impacted by the 2020 recession.

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Disclaimer: this video is for entertainment purposes only. This is not financial or legal advice. Make your own decisions.

#MortgageForbearance #StimulusBill #ZeroMortgage

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29 comments

  1. What if you’re renting the house, and the renters have been directly affected?

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  2. Kevin, I’ve been in this 🌍 for 40 years and what I’ve learned nothing is free in this earth!

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  3. Lump sum is the only thing our mortgage company is offering.

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  4. This video Will help allot of people. Good work Kevin

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  5. Be nice to include people who pay rent. If your landlord doesn't pay a mortgage for a year what about your rent for a year

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  6. Not worth it since after 12 months it is all due in a lumpsum or prepare for instant eviction! I would not risk my credit over this EVER! 👎🏽

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  7. Great info! Thank you

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  8. Old news

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  9. Tried calling my mortgage company last week they said they can hold the payment for 3months but would have to pay for all 3 months when the third month comes up looool

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  10. Bullshit

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  11. Where can I find this bill you’re showing in the video.

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  12. What about people that are paying rent

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  13. Wouldnt that make it so hard to pay back 12 months though? No grants that can be forgiven like business?

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  14. This is only good for people who really can’t pay. If you can pay better pay.

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  15. Your pay few videos blew up! Seems like another one in the works Kevin!

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  16. You can, but after forbearance you have to pay it all at the end of the forbearance

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  17. Also…nice set 😎

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  18. Nice video Kev! Super helpful for so many people!

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  19. We have PHH mortgage and they are offering no help.

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  20. need a video about free rent for the apartment

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  21. I shouldn't need this but hopefully this CV ends soon. 😉

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  22. Kevin
    We have the request in to the bank for this but it has been ten days and no answer. We have been furloughed and can not afford to make the payment but it will be late on 4/15. Should I not pay it or try to pay it since I haven’t heard from the bank. Thank you and God bless.

    Reply
  23. Hi Kevin, Early on they only give 90 days or 3 mos. forbearance. Did they change it to 180 days? IF so, what should i do to request for 180 days after granting me the 90 days? Will it be automatically be extended to 180 days? thanks.

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  24. nice video dude

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  25. Free rent for 12 months!!!

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  26. Kevin
    I had not heard of this. I have been asking my mortgage company about this and they keep jerking me around.

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  27. Thanks for the update Kev! Great video 👍🏽👍🏽👍🏽

    Reply
  28. Are you going to take advantage of this mortgage forbearance program?
    $1,000/week unemployment insurance?: https://youtu.be/xnW3f_NWjP0
    Want a $1,200+ stimulus check?: https://youtu.be/wACsY2uUAU8

    Full text of CARES Act here: https://www.congress.gov/bill/116th-congress/house-bill/748/text

    Reply
  29. It would be great to add it at the end of the mortgage.

    Reply

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