Everything You Need to Know About Mortgage Loan Forbearance

Everything You Need to Know About Mortgage Loan Forbearance // The mortgage forbearance program can be very confusing because there has been a lot of changes since it was introduced thanks to the CARES Act. In this video, I share all the details about forbearance including will this affect your credit, who qualifies for forbearance, how to pay back your missed mortgage payments and much more. Some say loan forbearances have helped avoid a foreclosure and eviction crisis.
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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#housingmarket #loanforbearance #forbearance

[@JasonWalter1]

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[@cesarp8561]

Great advice the only thing many videos don’t talk about is the fact that most mortgage payments have your insurance and county taxes included into the mortgage payment, which those payments are not being waived during this period. Which will need to be paid I order for those accounts to be up to par. We have to remember every year mortgage companies recalculate to ensure the escrow account will have enough money for those two payments to be made. During this period the account has been depleted. Yes mortgage payments can be deferred but what about the insurance and taxes those will have to be modified into, when you resume back. That’s the question which is not being answered.

[@JasonWalter1]

Thank you for bringing that up. Yes, those with an impound account will have to make their property taxes and insurance current,, if there's not enough in their impound account. Others can pay it manually when it's due.

[@janetortiz7108]

Bless your heart for the information

[@JasonWalter1]

My pleasure!

[@urico8951]

Thank you for your hard work!👏👏👏👏👏

[@JasonWalter1]

Thank you very much!!! 🙏🏻😊🏡

[@janeyue7491]

Durning the covid, I simply took a third job to pay for the investment property when some of my tenants are struggling to pay rent until my mom was in the hospital, and the doctor say to take good care of her. Now I am just going to dip into my savings, and cap on my budget to do so. No need forbearance.

[@JAway-ls5oe]

You did very well a lot of people are unable to carry on the same way as you

[@fishingdonut1278]

Thank you so much. Your video was super helpful

[@JasonWalter1]

Glad it was helpful!

[@naillady39]

Great video, you answered many questions I had. One thing I cannot seem to find out is who my mortgage is backed by. It was Quicken Loans, but is now Rocket Mortgage.....

[@naillady39]

I used your lookup to see if it is Freddie Mae or Mac... it is not, any other way to find out??

[@JasonWalter1]

Thank you! I would recommend just to reach out to the company you pay your mortgage to and ask them.

[@ilovemyk20dc5]

great video jason , very informative

[@JasonWalter1]

Thank you!!!

[@mike111777]

The extended forbearance window is only going to keep driving up home prices. I am shocked at how low inventory is right now. I want to purchase another rental but its not easy in my area.

[@JasonWalter1]

Inventory is at its lowest levels in 20 years in the US. Crazy!

[@mannybermudez4435]

Great info as always Jason!

[@JasonWalter1]

Much appreciated!!!

[@Hankxiong]

Thank you so much Jason!

[@JasonWalter1]

You bet!

[@Silverdragon517]

Thank you . That was a lot of valuable info

[@JasonWalter1]

My pleasure!

[@nancyFLRN]

Thank you for the great content.

[@JasonWalter1]

Thank you so much!

[@Missdee10]

Thank you so much for this information, great stuff! I have a USDA loan and will be looking into this more!

[@EC-iu3yb]

Does taking forbearance affect my loan interest rate ?

[@bsb8705]

How does the Forbearance affect my escrow if my escrow is taken out by the same back as my mortgage?

[@JasonWalter1]

You would have to ask your loan servicer.

[@heidistewart7635]

If you get a job somewhere and need to move, can you rent out your house while it is in unemployment forbearance?

[@3flgator]

I have a fixed rate on my mortgage and its a federally backed loan. I also put 23% down when I bought the property (a townhouse). Can the mortgage company change my fixed rate at any time during or after the forbearance period. I'm also current on mortgage payments as of this writing. I've never had a late payment and I close on August 2020.Thanks in advance.

[@Nana-vx6mt]

Can you address the tax filing issues that can be affected since the person (s) aren't paying taxes or interest for that period of forebearance.

[@JasonWalter1]

Your loan servicer will send a tax doc for the interest you did pay (just as they normally do every year). As far as I know, the taxes and insurance are being paid from your impound account (if you have one). I’m guessing any shortfalls in the impound account would be owed by the homeowner but I advise to talk to your loan servicer to see their policy.

[@nicolelira714]

I just got a forbearance for my FHA loan this month, April. How long can I be on it from this point? 6 months, then extend another 6...so till April 2022? Just want to make sure I'm understanding correctly.

[@1nemorevideo673]

How did you do it looking for a video to explain throughly not vaguely to prevent bank tryna screw me over?

[@AnnLaustsen87]

Am I going to need to get an attorney? My lender is Flagstar.

[@ilovemyk20dc5]

Jason, What can i expect to pay at closing cost for a $480k house in roseville?

[@JasonWalter1]

Thanks for the question... the answer is that it depends on how your offer to purchase a home is written. However, on top of your down payment expect to pay around 2% in closing costs. It could be less though if your agent asks the seller to pay for some of the closing costs (title, escrow, transfer taxes and home warranty).

[@ilovemyk20dc5]

@@JasonWalter1 so if i assume 3% that will definitely cover it ?

[@annoravetz6697]

Can they accept partial payments under an FHA? I am several months behind beginning last July because of COVID19. The servicer told me I needed to make half my payments, I was ready to send it in, but it took a couple months (401k withdrawal) so the half-payments increased and I didn’t have it. Then they told me in January I needed to send in a lump sum of all the missed payments (by this time, 7 - $9,800) to qualify for forebearance under Covid. The servicer is Selene Finance. I don’t know what to think! What should I do? They seem to be misinformed as to what they are telling the customers. How can I complain about them?

[@JasonWalter1]

If you have a FHA loan, you are NOT required to pay back all your missed payments in one lump sum, unless you have the ability to do so. Here's some info on how to file a complaint so hope that helps. www.consumerfinance.gov/complaint/

[@JasonWalter1]

Here's some more resources for you www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/after-you-receive-relief/

[@juandelacruz968]

Can you apply for forbearance right after you purchase your house?

[@JasonWalter1]

That’s a really good question. Nothing in the text of the CARES Act bill discusses that I believe. If you find out please let me know.

[@edt.5448]

Any updates on this comment?

[@cmo333]

I had to take forbearance one month after I moved into my house. Yes you can.

[@ak6877]

@@cmo333how did it work out after you started making payments again?

[@cmo333]

@@ak6877i modified the loan, and then later there was a grant through California that paid the 2nd mortgage off. All in all it worked out good

[@calboy2]

What do I do if I don’t have any income when my forebearance ends?

[@JasonWalter1]

Good question... you would need to reach out to your loan servicer prior to the expiration of your forbearance to discuss options of repayment.

[@priceless55]

Hey 👋 Tas here.

[@JasonWalter1]

Hello 🙏🏻🏡

[@MsBeverly13]

Do we get 12 months or 15 months?

[@JasonWalter1]

Up to 15 months for those with a mortgage backed by Fannie Mae or Freddie Mac.

[@Philcor1957]

Millions of people May loose their homes just like back in Bush era. Sad sad sad

[@MartinezRE1]

Forbearance for the next 30 years

[@JasonWalter1]

haha

[@JAway-ls5oe]

Socialism much?

[@cybco]

skip literally 3 mins into video!

[@PUBGMobile-ot2sk]

I can file this forbearance for you, it’ll just cost a small fee, “don’t do that, it’s a scam” are we going to start calling tax professionals “scams” now??? You can do you taxes yourself for free too… a lot of things, dealing with the government are free, it’s just the average person doesn’t know the hoops well enough to navigate, so paying someone who can, isn’t a “scam”…

[@PUBGMobile-ot2sk]

“We’ve been trying to reach you about your cars extended warranty” that’s a scam…

[@ranyafkhan1]

We took forbearance for three months and sold our house. The interest will be insane, plus principal will make your own house super expensive to afford when this ends. People should take advantage of this program but know what you are getting your self into.

[@JasonWalter1]

It depends on which option you get for repayment after forbearance ends right?

[@ranyafkhan1]

@@JasonWalter1 Jason, sure there are many options and it also depends on your bank. Even though the payments were not due, the account statements with past due balance were still showing up. These banks will definitely be adding fees and we will never find out. Who knows how this will all play out at the end.