How COVID-19 Mortgage Forbearance Could Take Down the Housing Market
Forbearance is NOT forgiveness.
If you want to continue to crash the US economy, if you want to crash the housing market, and if you want to destroy your credit score all at the same time, then fall for the covid-19 mortgage forbearance trap.
I’ve looked at 7 difference mortgage forbearance agreements this week and ALL are very clear what forbearance means – you owe them the money when the forbearance period if over. Don’t fall for this trap… This has the makings to do more damage than sub-prime lending did to housing market in 2008…
I committed to the mortgage industry full-time in 2008. What I witnessed from 2008-2012 was a complete war zone.. It was brutal. We’ve come so far since then, the housing market is strong, the mortgage industry is stable – Obama and Dodd-Frank did a great job regulating the financial markets, and for our Trump supporters, Trump has done a good job keeping those guidelines in place:)
All of this recovery will all go away if the number of Americans applying for Mortgage Forbearance stop making their mortgage payment this month!
My point, if Americans abuse the COVID-19 Mortgage Forbearance plan, we will be right back in the same spot… Or worse.
If you have questions, need to talk or need mortgage help, please message me or call me. Be well.
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Who is Dan Keller: I am a nationally recognized, top 200 mortgage professional in the US located in the Seattle area. I am also the co-host of the Emmy nominated, real estate tv show, The American Dream TV.
Comment below or reach out to me directly if you’d like to talk with me about your mortgage and financial options.
Disclaimer: I am a Seattle Mortgage Advisor at CrossCountry Mortgage. My MLO# is 115349.
Mortgage Advisor (mlo# 115349)
8129 Lake Ballinger Way Ste. 105
Edmonds, WA 98026