Скачать или смотреть Forbearance Agreement - what you need to know

This Video explains what important steps you need to take if you have a forbearance agreement. Many lenders are engaging in Forbearance Agreements because of the huge unemployment as a result of the Corona Virus. This video simply advises any one with a forbearance agreement to find out the terms of their forbearance agreement before it expires.

Stay informed as to what is available to you as things are changing daily.

I want you to know of the different plans that I've been hearing about that they've been offering to people.

1.You have the possibility of extending forbearance. 2. loan modification, where they change the terms of the loan. 3. 6-month payment plan, is the program where the miss payments are broken up into six payments and added to the regular payments. For six months. 4. loan deferment is placing the missed payments all on the back of the loan. There are many different options. There are many different programs, but like I said before, you have to make sure that you qualify for them. It's important that you understand what you qualify for. That's the key in all of this. I'm going to keep saying it over and over again. Don’t listen to your neighbor, even though you may have the same lender, it may not mean that you have the same qualifications to do the same things that they're able to do. So, call your lender yourself and find out about your situation, that's what's most important.

I'd like you to take one thing from this article. And that is if you have a forbearance plan, before the forbearance period is over, you call your lender and find out what your options are for you after forbearance period is over. Because there's so many different programs, so many different things that can be done at the end of the program, but they may not be available to you from your lender. So, if you don't know that ahead of time, its kind of limiting your options towards the end of the forbearance period. You need to know these things. When you call your lender, there are certain questions you're going to want to ask. Those questions are:

1. What relief options are available?
2. Is interest continuing to be calculated during the length of time, I'm not paying?
3. Will there be any fees?
4. How would it be reported to the credit Bureau?
5. Do I still need to pay on my escrow to cover taxes, insurance and mortgage insurance?

• ******As always, I want to thank you for watching my video. I am so grateful that you would take the time to watch and listen to me. If it was helpful to you in any way, please LIKE the video, SUBSCRIBE and leave a COMMENT. Your comments help me make this page better for you. All feedback is appreciated.

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• Michael’s videos are his own and do not necessarily represent the views and/ or opinions of Olympus Executive Realty. The purpose of Michael's videos is to educate you and allow you to feel more comfortable with the multifaceted world of real estate. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.

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Thanks again and as always, take care of yourself and each other.