Coronavirus And How To Get Help On Your Mortgage

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,092
170
63
San Diego, California
www.loansreduced.com
Covid-19.png

Have you suffered a loss of income during this Covid-19 pandemic?

If you have, you may qualify for a variety of programs being offered by Fannie Mae, Freddie Mac, Ginnie Mae (FHA), VA and USDA. Mainly government programs will and or have started participating in a program allowing payment relief.

Fannie/Freddie have announced (as long as you qualify) that you may be able to make reduced monthly mortgage payments or be given a relief up to 12 months of the mortgage payment.

You can also obtain full relief but the payments missed or put into forbearance (tacked onto the end of the term) in many cases may have to be paid back once the forbearance ends. That is still up in the air with how it will be handled and assuming it will be a case by case basis similar to what occurred back in 2008.

All it takes right now is a phone call to the company you make your payments to. You may experience long hold times but definitely reach out. Do not just stop making your mortgage payments!

*During these times like 2008, guidelines will and continue change on a daily basis. Lenders are pulling back on product offerings. What is true today may not be true tomorrow. Call us at 800-779-4547 if you have been impacted to see how we can help*
 
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anna b oubre

Guest
with this covid_19 epidemic going on, I have very limited finances available. if I could get a 2 or 3 months deferment it would be very much appreciated. thk you
 

OneHugeMess

LoanSafe Member
May 30, 2016
544
44
28
@isisis, are you in the process of getting a loan mod? Anyway, you should know that most servicers use the average weekly rate from Fannie Mae or Freddie Mac, as one of the ways to calculate the modified interest rate for a "In-House Mod" or "HAFA Mod". Hopefully you'll benefit!
 

isisis

LoanSafe Member
Jun 22, 2010
1,741
235
63
North bay
Not in the process of getting a modification but they're offering a settlement to avoid ongoing litigation that would include what they call a "loan adjustment". Pretty much the same thing though. The previous settlement fell through and I was hoping this one might have better terms with interest rates dropping.
 

OneHugeMess

LoanSafe Member
May 30, 2016
544
44
28
Not in the process of getting a modification but they're offering a settlement to avoid ongoing litigation that would include what they call a "loan adjustment". Pretty much the same thing though. The previous settlement fell through and I was hoping this one might have better terms with interest rates dropping.
If they offer you a decent rate, and a reduction in the interest-owed, I would really consider taking it.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,092
170
63
San Diego, California
www.loansreduced.com
Hi Eric,

If you're in the process of being considered for modified terms will the new interest rates be helpful in getting more affordable terms?
Hey isisis,
Right now rates are great but it would really depend on what is being offered within the modification. I know both you and I have seen some really amazing modifications in our day down at 2% levels, interest rates aren't that low.

The market is also extremely volatile and we've been seeing interest rates bounce around like a ping pong ball (up, down, up, down) and right now they are more on the higher side (but still low). I'm keeping many people on the sideline ready to go when we see another big dip like we saw from March 3rd - 10th.

Feel free to shoot me an e-mail or phone call if you want me to add you to that list: [email protected] / 619-379-8999
 

lmg9512

LoanSafe Member
Mar 12, 2020
6
0
1
PHH/NewRez Mortgage is not helping anyone. They are giving the standard you can skip paying for 3 months but the 4th month all missed months become due. So basically aren't helping. As most standard foreclosures allow for 3 months of missed payments anyway.
 
D

doncann

Guest
I don't understand how they can do that, the governor said on tv that it will be put on the back of the loan so I am not understanding this. Many people are going to be misled
 

Gaucho

LoanSafe Member
Jul 25, 2013
27
1
3
SLS is only a servicer for say BofA, JPMorgan Chase, Wells Fargo who are the investors. So if SLS provides a deferment then they (SLS) has to pay the interest and fees on that loan while it is being deferred. It's a cluster...
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,092
170
63
San Diego, California
www.loansreduced.com
Yikes, that's exactly what we DON'T want, it all becoming due at the end of the 4 months.That changes nothing and is exactly what is implemented today called "UP Forbearance" which is the unemployment forbearance program. Can everyone please update this forum as to what the servicers are doing and if anyone has the chance to mention the UP Forbearance plan isn't a new program, let me know how they respond.
 

isisis

LoanSafe Member
Jun 22, 2010
1,741
235
63
North bay
Eric and OHM,

The timing isn't going to be my call. The bank will put the offer on the table and I can either accept or they'll try to foreclose and we go back to court for an injunction. I've been in litigation since 2016 and between the risk and the expense it's gotten old. The underlying problem it's that all the while interest has been running and the high interest arrears become part of the new balance so I'll end up paying interest on interest. I wish there could be a reduction in the interest-owed or principal forgiveness but two things. First, I have a quite a bit of equity and second, I've just cost these guys a lot of money in years of litigation. And well, there's no love lost on either side, a big part of me doesn't want to settle but to try to get some damages under the FDCPA among other things.

Suggestions?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,092
170
63
San Diego, California
www.loansreduced.com
Did you by chance email me a copy of the mod? I haven’t seen anything come through. I’m more than happy to take a look at it.

This specific thread I would like to keep as a conversation of what people are doing/have accomplished with their servicers regarding Covid-19 impacted relief.
 

isisis

LoanSafe Member
Jun 22, 2010
1,741
235
63
North bay
The settlement with the "loan adjustment" isn't on the table yet. The bank's attorney just mentioned its in its way.

Sorry, didn't mean to hijack the thread. As you'd imagine I'm just accustomed to the stream of consciousness conversation on Bagels.