mortgage forbearance | The Kwak Brothers

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Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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August 5, 2021

2021 Housing Market: The 40 Year Mortgages are Coming…

FREE Book: “Break Free From Your Mortgage” – https://acceleratedbanking.com/book Housing Market | YES! The 40 Year Mortgage is HERE! With mortgage forbearance ending in September, many homeowners need to find an exit to the forbearance. One option that mortgage brokers and banks are looking at is the 40 year mortgage. On the surface, it sounds good, lower monthly payment, an extra 10 years to pay off the mortgage. Well let us tell you, with us being experts in the field of accelerated mortgage payoff, a 40 year mortgage is a TERRIBLE idea. In this video, we break down WHY it’s a TERRIBLE idea and stick around to the end of the video where we show you the first step into paying off your mortgage
July 6, 2021

Will Mortgage Forbearance Crash The Housing Market?

When the mortgage forbearance program was implemented, 2.2 million homeowners were accepted into the mortgage forbearance program. As of this month there are still, 2.2 million people in the mortgage forbearance program. This on top of record setting stats in the current housing market, when the mortgage forbearance program expires, will we see the mother of all housing market crashes? In the video linked at the end of the article, we explore the idea of when the mortgage forbearance program expires, will we see the housing market crash. /*! elementor – v3.6.5 – 27-04-2022 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=”.svg”]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block} The video includes our thoughts on… Demand is supressed by lack of inventory Inventory is Starting to Climb Upwards again Sales did go down 3 months consecutively Active Listings are historically low, it is picking back up past the previous years’ rate. Over 72% of Gen Z (ages 18-24) want to buy a house in the next 2-5 years.  Listings are starting to jump back up Realtor.Com Housing Demand Overview Housing Supply is going up steadily – but still owe inventory. The months’ supply is the ratio of houses for sale to houses sold. This statistic provides an indication of the size of the for-sale inventory in relation to the number of houses currently being sold. 2 Million Homeowner’s are still in Mortgage Forbearance, despite CFPB’s efforts to protect struggling homeowners (read the article here) https://www.youtube.com/watch?v=81fbvMRtcuoHave you seen this video? Sam & Daniel talk about the mortgage forbearance program and what could happen when it expires.  If you haven’t already, be sure to subscribe! Watch The Video!
January 4, 2021

Mortgage Forbearance – BIG News from FHA (FHA Borrowers)

Alright, FHA Borrowers, A BIG change on the Mortgage Forbearance Program. If you or someone you know has an FHA Loan and you’re struggling to make the payments, a new change has been on the mortgage forbearance program. So in this video, I’m going to explain what mortgage forbearance is, what the change is, and how to apply for mortgage forbearance. If you’re struggling to make your mortgage payments right now, you may qualify for mortgage forbearance. Now, what exactly is a mortgage forbearance? Mortgage forbearance is simply a break from making your mortgage payments for a set amount of time. It’s not the same thing as getting forgiveness on the loan – at the end of the day, you still have to make the payments. Now before the pandemic, getting a mortgage forbearance had devastating effects on your credit as well as your future ability to get financing. Typically, you’d have to make a whole entire year’s worth of payments to qualify for new financing. And worse, once you’re out of the forbearance plan, some lenders may demand a lumpsum payment to reinstate the loan back to the original payment schedule. So if you’re struggling right now to make your payments because of a loss of job or income, you have nothing to lose if you choose to take the mortgage forbearance option. And I want to remind you that this currently applies to FHA and other federally backed mortgage programs… If you request a mortgage forbearance, by default, you get up to 6 months of forbearance followed by another 6 months if you request it. That means you may be able to receive up to 12 months of mortgage forbearance if you apply. So here’s the BIG change that was JUST announced by the FHA. According to the original CARES act text, you had until December 31st, 2020 to apply for the mortgage forbearance – which is coming up VERY fast. But just yesterday, the FHA announced that they would be extending the mortgage forbearance application period till February 28th, 2021. So you get two additional months to consider whether you want to take it or not. So how do you apply, well contact your mortgage lender or the loan servicer and ask them you’d like a mortgage forbearance in accordance with the COVID-19 CARES act… From what I read in the CARES act, the lenders do NOT have to request proof or documentations. It’s a simple attestation that you’re struggling and you’re requesting mortgage forbearance! It’s a VERY simple process. Just contact your lenders if you’re struggling with your mortgage payments.
July 14, 2020

Mortgage Forbearance: NEW Changes Explained (CARES Act)

Mortgage Forbearance! With the economy the way it has been and the COVID re-surging in certain states, we’re starting to see businesses close back up which means that we may see another round of furloughing which ultimately leads back to employees and business owners not getting paid to pay for their mortgages. As part of the CARES Act, homeowners with federally backed mortgages can now request up to 6 months of forbearance plus an additional 6 months if needed. Few months ago, I did make a video about the mortgage forbearance and its potential crisis. Well just recently, a new change has been made on July 1st that affects mortgage forbearance for homeowners with FHA, VA, Fannie Mae, Freddie Mac loans. So let’s go ahead and break down what the new changes are and how it can affect your credit, future financing, and what options you have available after the forbearance. So what exactly is a mortgage forbearance and how did the CARES Act tweak it. Mortgage forbearance is a temporary relief of having to make your mortgage payment due to financial hardship. Traditionally, banks could potentially charge you fees, interest, and other penalties for taking a mortgage forbearance. Additionally, it could definitely have a bad stain on your credit for some time. However, with the CARES Act that came into effect back in March, banks cannot charge any fees, additional interest, or penalties on the missed payments under the forbearance nor could the banks report any negative information on your credit report other than a remark that your mortgage is on a forbearance. And remember, a forbearance doesn’t mean that your missed payments disappear. They have to be repaid with some kind of a plan. If you were on a forbearance but now you are able to make the payments for 3 months, you can now get new financing as if the forbearance never happened. That’s really good news! This rule used to be 12 months where you had to make satisfactory consecutive payments. And when it comes to credit, your credit will not be affected by the forbearance other than a remark/note on your credit. Which is also good news. So with that being said, let’s discuss the July 1st changes to the mortgage forbearance where the FHA has announced clarifications as to how missed payments will be treated under the mortgage forbearance plan (CARES Act) The BIG change is that any missed payments don’t have to be paid back in a lump sum manner at the end of the forbearance. Instead, the missed payments are now added to the back-end of the mortgage where if the home is sold, refinanced, or is paid off – the missed payments are then paid off. So if you’re currently in the mortgage forbearance plan… like right now… your mortgage loan servicer will contact you within 30 days of the plan to discuss the repayment plan so definitely lookout for that. In fact, Fannie Mae created a webpage with a script / possible scenarios for the repayment plan: https://singlefamily.fanniemae.com/servicing/covid-19-forbearance-script-servicer-use-homeowners?_ga=2.90498650.1380039291.1594312872-1385117231.1594312872 So just to wrap things up… taking a mortgage forbearance and its consequences have become less harsh and it sounds like there’s little to no consequences… Anyways, if you’re a really tight spot right now and taking the mortgage forbearance is the ONLY option, you can do so and I hope this video gave you some insights as to what it means to take a mortgage forbearance. #mortgageforbearance #caresact #realestate