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⚠Description⚠
For a breakdown of mortgage forbearance, watch this video on The $0 Mortgage:    • Senate Approves $0 Mortgage | How to ...  

What are the downsides of mortgage forbearance? There are 3 major downsides to applying for mortgage forbearance that were not initially evident and are not considered in the stimulus bill, which encourages servicers of federallybacked loans to enable mortgage forbearance options.

Mortgage Forbearance Trap #1: A lack of a written repayment agreement which leads to the classic: let’s get you the “$0 mortgage” now, extend you if necessary, and deal with repayment later. Unfortunately, dealing with repayment could push you right into the direction of foreclosure or foreclosure mitigation options. This can all be avoided with a proper upfront agreement. Especially since foreclosure mitigation options CAN hurt your credit. So, indirectly, mortgage forbearance could hurt your credit or ability to get a loan.

Mortgage Forbearance Trap #2 has to do with your ability to qualify for other loans, credit lines, and loan attestation forms. Including potential history checks which is basically a new type of an alternative credit check that could be really bad for your future!

Mortgage Forbearance Trap #3 has to do with landlords and tenants eviction dangers, leaseterm change issues, and ethics issues.

The stimulusapproved mortgage relief is such a mess and could potentially really hurt home borrowers for the following 3 reasons.

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DISCLAIMER
❎I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Kevin MAY have an ownership interest in them DO NOT make buying or selling decisions based on Kevin's videos. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Meet Kevin®. Any use of other media is by fairuse only. The Paffrath Organization is a licensed real estate brokerage doing business as Meet Kevin® in California under DRE #02032575.

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#Trap #MortgageForbearance #PlayingwithFire