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What To Do If You Can't Pay Your Mortgage Due To COVID-19 ...

How to Get Mortgage Relief?

How to Request Forbearance ?

Homeowners, you have options that can help you with your home mortgage if you find yourself in difficulty during unprecedented coronavirus economic disaster.
Credit and Housing Protections under the CARES Act...

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A. Forbearances and Foreclosures for 1- to 4- Family Occupancy Properties.

B. Forbearances and Foreclosures for Multifamily Occupancy Properties.

C. Moratorium on Certain Eviction Filings.
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The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduces the Paycheck Protection Program (the “PPP”) with $349 billion in funding and the goal of preventing job loss and small businesses failure due to losses caused by the COVID-19 pandemic

Credit and Housing Protections under the CARES Act

In order to provide assistance and security to those adversely affected by the COVID-19 emergency, the CARES Act includes certain credit and housing related protections

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Anthony, the chief financial officer of :

VISIONONE REAL ESTATE INVESTMENT GROUP – He said: Due to the COVID-19 some foreclosures will increase because of many jobs lost. Perhaps, special forbearance could be a big help in some sort. FHA, Freddie Mac, Fannie Mae already took some actions help mortgage holders.

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If your mortgage is backed by the federal government, provisions of the recently enacted CARES Act allow you to suspend payments for up to 12 months.

In addition you will not be charged late fees or reported to credit bureaus.

Foreclosures and evictions will be suspended for at least 60 days.

If your loan is not federally backed, contact your loan servicer or state or local government offices to find out what options you have.

Additional help may be available after the forbearance period.
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Mortgages Affected

The law regarding forbearance and foreclosure pertains to mortgage loans backed by the federal government which are defined as loans:

Insured by the Federal Housing Administration (FHA)

Insured under section 255 of the National Housing Act

Guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992

Guaranteed or insured by the Department of Veterans Affairs

Guaranteed, insured, or made by the Department of Agriculture

Purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association

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How to Request Forbearance

As a borrower with a federally-backed mortgage loan, you will be granted forbearance of up to 180 days by submitting a request to your servicer (the company you make payments to) and affirming that you are experiencing financial hardship during the COVID-19 emergency. No further documentation or proof is required.

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Landlords (5 or more units) must have been current on payments as of Feb. 1, 2020. If so, they must submit an oral or written request to their servicer who will approve a 30-day forbearance and, upon request from the borrower, issue up to two additional 30-day forbearance periods.

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Right to Halt Forbearance

As a borrower, the CARES Act gives you the right to halt forbearance at any time. This rule applies to you if you have a government-backed loan on a regular (1-4 unit) property or a multifamily (5 or more unit) building.1

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No Extra Penalties, Interest, or Late Fees

During any forbearance period granted to you, your servicer cannot charge any penalties, interest, or fees that would not have been charged if you made your payments on time and in full. Landlords may not charge tenants any fees or penalties for late payment of rent during any forbearance period granted to the landlord.1

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No Reporting to Credit Bureaus

Lenders are directed not to report you to credit bureaus for late or missed payments provided you are in one of the forbearance programs. This applies through July 25, 2020 or 120 days after the end of the emergency period, whichever is later. This means the fact you are not making full payments or not paying at all, will not affect your credit rating.1

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No Foreclosures or Evictions

The law further provides that your lender or or loan servicer cannot initiate foreclosure or foreclosure-related eviction action before May 17, 2020. Landlords cannot evict renters during any period in which they are granted forbearance. 1

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Additional Help Possible

Once you reach the end of your forbearance period, you may qualify for additional assistance if you need it. Work with your servicer and, if possible, resume making your regular payments. If you still need assistance ask your servicer what other options are available.

This could including reducing your monthly payments or some other type of loan modification. In the event you and your lender reach agreement on any loan modification, you cannot be reported to credit bureaus as "not current" on that loan.

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Guide to coronavirus mortgage relief options…

If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage or rent. Federal and state governments have announced plans to help struggling homeowners during this time.

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How to Get Mortgage Relief

A. If you can pay your mortgage, pay your mortgage.

Don’t call your mortgage servicer if you aren’t facing an immediate issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website first for possible options.

B. It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic.

Please be sure to read this blog carefully so you are prepared for this conversation

C. A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:

D. A foreclosure moratorium

E. A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency

F. If you don’t have a federally backed mortgage, you still may have relief options through your mortgage servicer or from your state.

G. Keep reading as we’ll first explain what the different options mean. Then we’ll explain how you can figure out if your lender or servicer can offer you any of the forms of assistance available.

H. Mortgage forbearance

I. Forbearance is when your mortgage servicer or lender allows you to pause or reduce your mortgage payments for a limited period of time. Forbearance doesn’t erase what you owe – you’ll have to repay any missed or reduced payments in the future. If your income is restored, reach out to your servicer and resume making payments as soon as you can.

J. Depending on the kind of loan you have, there may be different forbearance options.

K. Moratoriums suspend or stop foreclosure

L. Foreclosure is when the lender takes back the property after the homeowner fails to make required payments on a mortgage. Foreclosure processes differ by state.

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How to Get Mortgage Relief?

List of federal agencies and entities

U.S. Department of Housing and Urban Development (HUD)

U. S. Department of Agriculture

USDA Direct

USDA Guaranteed

Federal Housing Administration (FHA) (Includes reverse mortgages)

U.S. Department of Veterans Affairs (VA)

Fannie Mae

Freddie Mac.

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If your mortgage is a federally backed mortgage, you have two mortgage relief options under the CARES Act:

First, your lender or loan servicer may not foreclose on you for 60 days after March 18, 2020. Specifically, the CARES Act prohibits lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale, during this period of time.

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Second, if you experience financial hardship due to the coronavirus pandemic, you have a right to request a forbearance for up to 180 days. You also have the right to request one extension for another up to 180 days. You must contact your loan servicer to request this forbearance.

There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship.

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How to request forbearance or mortgage relief

Call your servicer

You may have to wait on the line for a while to speak to your mortgage servicer because there are a lot of people in need right now. Be prepared with the following information and questions you want to ask, and check their website before you call to see if there is a list provided of information you may need. Have your account number handy.

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You may need to explain

Why you’re unable to make your payment

Whether the problem is temporary or permanent

Details about your income, expenses and other assets, like cash in the bank

Whether you’re a service member with permanent change of station (PCS) orders
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What Are Real Estate Clubs and How Can They Benefit You?

Real Estate Investment Clubs are groups that meet locally and allow investors and other professionals to network and learn.
https://www.facebook.com/visiononerealestates

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Questions to ask

What options are available to help you temporarily reduce or suspend my payments?

Are there forbearance, loan modification, or other options?

Can you waive late fees?

Get it in writing

Once you’re able to secure forbearance or another mortgage relief option, ask your servicer to provide written documentation that confirms the details of your agreement and that you’re clear on what the terms are.

With some forbearance programs, you may owe all of your missed payments at one time, or additional payments at the end of the mortgage might be required, so make sure you’re familiar with the final terms.

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What to do once you’ve received a mortgage relief option

While you’re in the forbearance period, or working under another mortgage relief option, there are a number of things to do to continue to protect yourself. This advice applies to both a CARES Act forbearance and other mortgage relief that you might receive.

Keep written documentation on hand. You want to make sure that you have this documentation available in case there are any errors on your monthly mortgage statements to ensure that your statement reflects the assistance provided.

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Pay attention to your monthly mortgage statement. Continue monitoring your monthly mortgage statements to make sure you don’t see any errors.

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Keep an eye on your credit. It’s a good idea to routinely check your credit reports in order to make sure there are no errors or inaccuracies. If you stop making mortgage payments without a forbearance agreement, the servicer will report this information to the credit reporting companies, and it can have a lasting negative impact on your credit history.---------------

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www.facebook.com/visionairerealestate
Visionaire Real Estate Investment

What Are Real Estate Clubs and How Can They Benefit You?

Real Estate Investment Clubs are groups that meet locally and allow investors and other professionals to network and learn.
https://www.facebook.com/visiononerealestates

Chasing these deals is a whole industry of analysts and real estate companies. Here's how to avoid some common missteps:
www.realestateworldclass.blogspot.com

-----------
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Be aware of scams

Scammers often take advantage of vulnerable consumers during disasters and financial shocks. In addition to coronavirus-related scams, be aware of scams that falsely promise financial relief from your mortgage loan, or from foreclosure.

Here’s what to watch for as scammers may:

Charge a high up-front fee for their services

Promise to get you a loan modification

Ask you to sign over your property title

Ask you to sign papers you don’t understand

Tell you to make payments to someone other than your servicer

Tell you to stop making payments altogether

Promise you payments in connection with providing credit card numbers and other personal information.

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Protections for renters

If you are renting from an owner who has a federally backed mortgage, the CARES Act provides for a suspension or moratorium on evictions. If your landlord has a federally backed mortgage or multi-family mortgage, you cannot be evicted for nonpayment of rent for 120 days beginning on March 27, 2020, the effective date of the CARES Act.

After the 120-day period is up, the landlord cannot require you, the tenant, to vacate until providing you with a thirty-day notice to vacate.

If the property you rent isn’t covered by the CARES Act, many states have suspended all evictions and foreclosures due to the pandemic. Check the websites of your state government, state court , or legal aid program for details and updates.

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Where to get additional help

If you need help working with your servicer or understanding your options you may want to reach out to a professional to help you with your specific situation.
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HUD-Approved Housing Counselors. The U.S. Department of Housing and Urban Development (HUD)-approved housing counselors can discuss options with you if you’re having trouble paying your mortgage loan or reverse mortgage loan. This may also include forbearance or a modified payment program.

Credit Counselors. Reputable credit counseling organizations are generally non-profit organizations that can advise you on your money and debts, and help you with a budget. Some may also help you negotiate with creditors.

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Saturday, April 18, 2020

Real Estate Mortgage Relief Program For Victimes Of Coronavirus Economic Disaster