BEWARE – Why I Cancelled My Mortgage Loan Forbearance Offer
Why I Cancelled My Mortgage Loan Forbearance Offer – The CARES Act // After learning about some MAJOR pitfalls of the mortgage forbearance agreement and program, I decided to decline my forbearance mortgage offer from my real estate loan servicer. In this video, I discuss what is mortgage forbearance which is part of the COVID CARES Act, how this may affect our housing market 2020 and could this cause a housing bubble or housing market crash 2020. What’s particularly concerning is loan forbearance varies to some extent from lender to lender. For example, one loan servicer may offer 3 months of no mortgage payment while another offers 6 months.
A $0 mortgage payment for several months may sound enticing but there are some disadvantages of not paying your mortgage including a POTENTIAL negative impact on your credit score.
So, if you’re curious what is loan forbearance or what is mortgage loan forbearance as part of the 2020 CARES Act, the pros and cons of what is forbearance, then this video is for you.
Comment below with any questions! Do you think this may cause a housing crash 2020 for our country as well as our California housing market?
Jason Walter (Sacramento Realtor and native)
Realty ONE Group Complete
Follow me on Instagram ➜ @SacramentoRealtor
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Jason Walter is not a practicing CPA or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified CPA, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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