Unfortunately, that is most likely true, George Souto ... and that is where the mortgage servicers themselves need to step-up to eliminate as much of that as possible. This is help for those that legitimately have the need. And you're also right about homeowners needing to thoroughly understand the agreement they enter. Differences do exist.
Hope you and your family are safe ... and well, George. Take care ...
Gene
Exactly why I shared this information, Grant Schneider ... people need the facts.
And they need to be aware of their options and opportunities, should they exist. Hopefully, this post helps them do that ...
Gene
Well said, Debb Janes EcoBroker and Bernie Stea JD ... the details and facts specific to the individual borrower are extremely important. Those need to be obtained and weighed ...
Gene
Thank you so much for helping to share this info, Kathy Streib ... and the "Tude" award too ...
Hope you're staying safe and healthy ...
Gene
Glad you found it informative, Lanette Branch ... I greatly appreciate your thumbs up!
Gene
You're so right, Jana Holmstrup ... your clients are very lucky that you are advocating for them and assisting in their education.
Gene
Thanks, Kimo Jarrett ... it's important that each individual borrower finds out the facts as to their options ... and which works best for them personally ...
Gene
Appreciate the thumbs up, Sam Kader MLO 130505 MB 78982 ... especially when it comes from a fellow LO. Hope you're staying busy ... and safe ...
Gene
Excellent observation for further consideration. Love our rainships where we have a community that shares helpful info to our inducstry thanks Richard
It's true that some borrower(s) may find that your solution is the best solution for them ... for others, it may not be, Richard V. Foster, Esq. The main focus of my post is to advocate for each borrower to conduct their own "homework" and to ask questions to reach sound answers and solutions ... specific to their needs and financial scenario. Nobody can assume anything regarding mortgage forbearance ... concrete information and answers are needed prior to making any final decisions or taking any action. You provide them food for thought amongst other options ... and that is good.
Gene
We'll keep our fingers crossed, Mark Artesani ... stay healthy!
Gene
It's a way to "buy time" in many ways, Endre Barath, Jr. ... and to stave off financial catastrophe in some cases. The wisdom of going into forbearance (or not) is found in the details uncovered via the borrower's fact search. Conducting that search for facts is so important ...
Stay safe and healthy, Endre ... and give those pets a treat for me!
Gene
Amen to that, Laura Cerrano ... good luck and good health!
Gene
Thank you, Debra Leisek ... you put me in very good company when you mention George Souto's name. The bottom line is truly to ask questions and gain the facts ... I hope the message gets across.
Gene
I sure hope that it motivates people to ask questions and search for answers, Barbara Todaro ...
Gene
The highest praise, Nina Hollander ... thank you! I hope it proves beneficial ...
Gene
Thank you, Nick Vandekar, 610-203-4543 ... it's a complex (and very personal) issue for borrowers. Glad that it made some sense ...
Gene
Appreciate your kind words, Eileen Burns ... as I shared above, my intent is to spur people into asking questions and gaining info with my post. I advocate no one "answer" as a solution-for-all. It's truly a personal and specific answer needed. Richard V. Foster, Esq.'s is an option and he offers food for thought. And I suspect hopes to motivate questions being asked as well ... something I applaud.
Gene
Hella M. Rothwell, Broker/Realtor® ... it is not clear just what the fallout for credit scores/credit reports will be if someone chooses forbearance. I have not personally seen a credit report that addresses a forbearance agreement/option as of yet ...
I've included a link to an article I found on VantageScore that might help answer your question a bit more fully: How to Protect My Credit Score if Financial Hardships Prevent Me From Paying My Bills. Be aware that the "fallout" may evolve over time as we get deeper into this crisis.
Hope it proves insightful ...
Gene
You're right, Anthony Kirlew ... I was seeing many articles addressing those topics, as well. The crux of my message here surrounds the need to ask questions and gain solid reliable answers prior to taking any action. Hopefully, I was able to assist in borrowers doing that. Appreciate your kind words .. thank you ...
Gene
Love it when you "borrow", Jane Peters ... thank you! Hoping the info proves helpful to you ... and those in need ...
Gene
True, Kevin Mackessy ... all things lending and financial are increasingly more and more specific to the person asking the question or experiencing the challenge ...
Gene
How nice of you, Dale Taylor ... thank you so much! (Trying to keep up with you in the nice department) Will try to hammer something out regarding the two issues ASAP .. thanks for asking.
Hope you're well and staying safe ... we still need that coffee!
Gene
Thank you John Pusa
Right now, we're all getting those questions Lindsay Reagan, Realtor ... and I've always found AR a great place to find the insight and info I need. Glad I was able to share something that you will find useful and helpful for your clients. Thank you,
Gene
JMO ... but your Lender is in serious need of improved listening skills, Kathleen Daniels. That conversation shouldn't have triggered the reaction it did. That said, I think anyone that finds themselves facing this challenge should do some fact-finding and NOT wait until the last minute and crunch-time to do so. (Nothing typically moves quickly in the lending world right now). But it must be clear to the Lender/Bank, etc. that it is an inquiry only ... nothing formal is to be started.
Hope you get your issue straightened out quickly (and easily) ... and have a talk with that Lender too ... good luck!
Gene
Unfortunately, I don't have an answer for that Michael J. Perry ... and I don't think anyone else has a reliable one either. There are simply too many unknowns right now. We pray for the best outcome ...
Gene
I appreciate your kind comment, Jeff Dowler, CRS ... and I'm hoping that the post serves as motivation for those in need.
Gene
Appreciate the thumbs up, Jan Green ... trying to get the info out there in a timely fashion. The earlier the help is requested, the better ...
Gene
Exactly the time, Michael Jacobs ... they need to be informed and prepared, should they find themselves in this position. Thanks for the thumbs up!
Gene