PLEASE! 👏 DO 👏 NOT 👏 SKIP 👏 YOUR 👏 MORTGAGE 👏 PAYMENT!
Let’s clear up the misinformation regarding the “skipping” of your mortgage payment(s) that has been announced: 🚨All payments are still due April 1st...just like every other month.
🚨Your payment is late after the 15th...just like every other month.
Your options: 🔅1. If you have a job and your rate is over 4-5% you could refinance and skip a payment, if we time it right and there is enough equity, sometimes two. Why not lower your rate, extend your term and lower your payment in the process? Or get some cash out to pay off credit card debt? call me to see what options you may have. 702-810-8110 🔅2. If you don't have a job and have a genuine need, CALL YOUR LOAN SERVICER AND ASK FOR HELP! They will help where they can but it typically requires the use of a loan modification.
Yesterday, one of my past clients called his lender and they'll give a 60 day FORBEARANCE, but then those two payments are due in full at the end of the period. Not a great choice in my book...but that is what the offer was. MAKE SURE YOU UNDERSTAND.
The last time there was a program similar was the FHA "back to work" program. It allowed folks to forgo the 2 year waiting period after bankruptcy. HOWEVER, you had to PROVE you had a 25% or more decrease in household income. You had to PROVE it...it was not automatic.
I would hate for someone to not pay, and for whatever reason, either the credit bureau marked you late, or new guidelines say in the future that you can't have participated in a Forbearance program, and that screws you up for a refi or purchase in the future.
PLEASE! Call your servicer to ASK for relief, the consequences for failing to do may be substantial.
PLEASE! 👏 DO 👏 NOT 👏 SKIP 👏 YOUR 👏 MORTGAGE 👏 PAYMENT! *without being 100% clear on what YOUR SERVICER is saying, AND getting it in writing
Be informed! Don't just stop paying.
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