Have you ever heard the phrase: "If it sounds too good to be true it probably is." Or: "There is no such thing as a free lunch" ?
All the talk of Mortgage relief or 90 day mortgage forgiveness today can be put under the above umbrella. It is not a handout. It is not a freebie. It is not a grant. it is not forgiven debt. It is NOT for everyone.
- When in doubt, Make your payments. If you truly have a hardship- Contact your lender before you have a problem
- Every lender will treat this differently- so contact your servicer- the number should be on your bill, or you may be directed to the website.
- NOT everyone will qualify, you will need to prove a hardship and request a forbearance. The scary part here is there is no set guideline and more may choose this option without fully understanding the consequences.
- You will owe the money back. You WILL owe the money back. YOU WILL OWE THE MONEY BACK (did I mention you will owe the money back?)
- This is NOT an excuse to skip a mortgage payment
- If you can still afford your payment, continue making that payment. Many are working from home or have replaced their income somewhat with unemployment benefits. That is there to make your payments and you will not owe unemployment back.
Bad things happen to good people. That is why this has been put in place, to help people that are financially impacted to the point that they cannot pay their bills. If you just choose to NOT make a payment, you will probably be charged a late fee and will likely be reported as late to the credit agencies. If you truly have a problem and need help, you must contact your servicer first to make arrangements. Once you are accepted into this you should not be reported late and they will explain their requirements. Once you are back to work you will owe the money back and it will likely be stretched out over time.
I know I sound like a broken record..BUT: when in doubt- pay your payment. If you have a problem, contact your lender before you miss a payment. Just be prepared for longer wait times than usual. Call volume to all mortgage servicers are at an all time high, there is no way the industry could have prepared for this so be patient and anticipate long hold times. (and don't forget, many servicers may be dealing with social distancing issues as well which just adds to potential wait times)
We will get through this and best of luck to everyone.
Stay safe and healthy!
Call me for all your residential lending needs!
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,
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