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Mortgage Forbearance

Randal Engelmann & Erik Gould

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

Aug 6 3 minutes read
Have you taken advantage of the forbearance offered by the government? Do you know the repercussions?   


Erik:
Have you stopped paying your mortgage? Millions of Americans have.

Randal:
Millions of Americans have stopped paying their mortgage with their forbearance that's been offered by the federal government as part of the COVID-19 crisis bail out-

Erik:
CARES Act.

Randal:
Yep, the CARES Act, right? So, it's a lovely opportunity to not pay your mortgage for a few months, right?

Erik:
But what are the repercussions for that?

Randal:
What's the repercussions? Do you want to buy a home? Do you want to refinance? If so, you're going to have to catch up with your mortgage. This happened as part of our-

Erik:
We're seeing losses already happening in the marketplace.

Randal:
... where a buyer was making a purchase. And at the very last moment, the mortgage broker and the agents and their teams were scrambling to get that mortgage paid up-to-date, because basically the buyer said, "We're taking advantage of a forbearance," and then they applied for another mortgage on another property. Oop, And you've just told the world that you can't make your mortgage payments.

Erik:
Yeah. You have a forbearance. You're telling the mortgage companies that you can't pay your mortgage payments, and then you want to buy something on top of that?

Randal:
It's probably not going to work so well. So you might want to consider if ... I mean here we are, we are summer. We're looking into fall. We're also looking forward to spring of 2021, ladies and gentlemen. We really are a forward-thinking business. It's not just about today and what's happening today. It's what's happening next quarter, next season. If you've taken advantage of the mortgage forbearance, it might be in your best interest to pay that up as soon as you possibly can, as well as ... And we'll follow that up with one more suggestion, to get a letter from the mortgage company, with proof of payments, okay?

Erik:
And stating that you've paid it back in full.

Randal:
Yep. So there's our forbearance news. Go out and buy houses, ladies and gentlemen, because at a two and a half percent interest rate-

Erik:
Unbelievable.

Randal:
... money is nearly free. I think that's certainly what we're seeing in the response to our markets today.

Erik:
Yep. And if you need a good lender, reach out to us.

Randal:
Trying to keep you updated as much as we can on whatever news comes down the pike. And until next time, stay tuned and stay focused.

Erik:
Stay tuned and stay focused.

Speaker 3:
[Video/Music 00:02:19].

Erik:
So we're keeping you up-to-date, what's happening.

Speaker 5:
That's not [inaudible 00:02:25].

Randal:
This is more fun than it looks. 
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