Peter Mohylsky.   Broker Associate, THE BEACH IS OPEN AND WAITING FOR YOU (Miramar Beach)

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Rainmaker
3,843,371
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I should be better at it.  You may want to have a zoom call in the rain again on it.

 

Apr 26, 2021 12:22 PM
Ambassador
3,002,604
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Yes. I am.   I know someone who called their lender just to "inquire" about payment options and the person at the servicing AUTOMATICALLY, from an inquiry only, threw the file into forbearance and sent them paperwork to complete.  The online account was "frozen" and they could not make their payment online until the cluster you know what got cleared up! 

This was when COVID first hit the US and things started shutting down.

Apr 26, 2021 07:21 AM
Rainmaker
1,698,448
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

yes, just read something from CoreLogic on the issue. Most people are going to have to decide soon which way they want to go as this is now over a year.

 

Apr 26, 2021 06:12 AM
Rainmaker
3,913,280
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I know enough to be dangerous... have not had to deal with either issue with my own clients thus far.

Apr 26, 2021 12:21 PM
Rainer
304,131
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Every lender and servicer offers a potpourri of plans, or none.  I ask borrowers before they start if they are in forbearance, and I have yet to find one person who says yes they are but on day one it shows on their credit report. Then the uncomfortable phone call about how I'm similar to a priest.   

People cannot refinance (or get a new mortgage) with Fannie/Freddie/FHA/USDA/ Va and get a lower rate while in the forbearance. They need to notify servicer/lender to end the forbearance and make three months regular payments on time to get a new government backed loan.

Non QM investors have a variety of rules from: a) bring it current and we can do a loan right away b) end the forbearance and pay 12 payments c) allow borrowers to cash out the amount either in arrears or added to the end term

I have not seen any "deferment contract", seen 91 forbearances in the past year.

Apr 28, 2021 02:47 PM
Rainmaker
2,014,170
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This should get very interesting soon .

Although I don’t think O’Biden will allow massive Foreclosures to occur

Apr 27, 2021 03:48 AM
Rainmaker
1,178,546
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Having done it briefly and successfully in 2020, I know it very well. Having sold many homes of clients who did it to varying degrees of success, I know it even better the last 10 months.

Apr 26, 2021 06:02 PM
Rainmaker
869,324
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

We have yet to see the effects of the forbearance that has been granted to some homeowners regarding their mortgage payments.

Apr 26, 2021 03:00 PM
Rainer
254,344
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

nope, just up to date on my mortgage payments

Apr 26, 2021 01:29 PM
Rainer
127,873
Jerrill Ewing
N & J Lake Properties, LLC - Eatonton, GA
Builder

nope, no mortgage, no cares

Apr 26, 2021 09:32 AM
Rainmaker
4,026,153
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Retirement has a way of letting things slip from memory 

Apr 27, 2021 03:05 PM
Rainmaker
806,837
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

These are important issues to understand properly; yes, I am pretty much up to speed. In any case, all documents should be examined carefully.

Apr 27, 2021 12:31 PM
Rainmaker
6,376,464
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Nope.

Apr 27, 2021 08:28 AM