Coronavirus Mortgage and Real Estate Crisis of 2020

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
They haven't fully set up the criteria needed to qualify for it yet however here is what they are promising:

Fannie Mae
• Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
• Foreclosure sales and evictions of borrowers are suspended for 60 days
• Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
• Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
• Homeowners in a forbearance plan will not incur late fees
• After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification.

Freddie Mac
• Providing mortgage forbearance for up to 12 months
• Waiving assessments of penalties and late fees
• Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020
• Suspending reporting to credit bureaus of delinquency related to forbearance
• Offering loan modification options that lower payments or keep payments the same after the forbearance period
 

bigfrog

LoanSafe Member
Aug 31, 2011
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This is great.. just what I had expected.

Well, looks like someone can create/start HampsterGame like post.. Called it Covid19Game. Just get yourself sick( or a family member, or a doctor who is willing to work with you, wink wink) and play the system. You are bound to free money, free housing, free food, free healthcare, wipe out your loans, debts, or at least no interest put on it for a long time. Inflation will hit the ceiling. Why work and save?

Correction and adjustment will happen. So many factors that no one is putting in consideration. Why is there an era called Baby-Boomer? people are spending more time at home/indoor to make babies.
 

isisis

LoanSafe Member
Jun 22, 2010
1,741
235
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North bay
Your alternative plan would be that homeowners take the hit from a national shutdown preventing them from earning money to make mortgage payments and lose their homes? By the time any "adjustment" can take place it will be far too late given the time sensitive nature of the mortgage loan contract.

And BTW the average female Boomer is well past the age of child bearing. Big Frog, I think you say things just to be contrary.
 

bigfrog

LoanSafe Member
Aug 31, 2011
358
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I am talking about Boomer II.. Its never too late. Last, I remember a foreclosure average somewhere in the line of six-months. And that was considered fast. In 2008, they came up with plan 700-800 billion dollar bailout. They had healthy people and very healthy lenders/investors back then. We are at a time, where buying a house - being a home owner don't matter. Now, 2020, they want a 2trillion dollar stimulus plan. More than twice the amount of the last. They know something they don't want the public to know. I guessing that no matter if they find a cure or not, the all the old folks would die from it and young people badly damaged from it. Maybe social distancing is not enough. If it can be transmitted by touching then it can be airborne. Mosquitos and/through/to other animals.

I don't know why some people are saying negative things about Trump, by twisting his words. He is doing a excellent job. Bare in mind, his decisions for the good of the nation aren't base on himself. He isn't racist for referring covid19 as "Chinese virus" It was/still is acceptable to call or name things from its origin. The aliens would call it the Earthling virus. All this time, I was calling it Kung Flu or Wang-Chung virus. But, I am a nobody. Our society has gone into some wacked way of thinking, specially from the women side. When women say "You look nice!", it is ok. When a man say "Hello!", the women would assumed he wants something and usually file some form of complaint.
 

just_me

LoanSafe Member
Sep 14, 2015
597
49
28
At least we have a protocol from last time. I can see the fall out from this being a year or so. It would be really, really super if servicers didn't play the "deny til ya die" game and rubberstamp the hardship reductions applications, forbearance or suspensions, until this is over. So much better than rubberstamping foreclosures in court! Oh wait. Court IS CLOSED. So. Maybe we can save some frustration and fast track the solutions. After all, we can't STAY AT HOME if we HAVE NO HOMES.

They haven't fully set up the criteria needed to qualify for it yet however here is what they are promising:

Fannie Mae
• Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
• Foreclosure sales and evictions of borrowers are suspended for 60 days
• Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
• Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
• Homeowners in a forbearance plan will not incur late fees
• After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification.

Freddie Mac
• Providing mortgage forbearance for up to 12 months
• Waiving assessments of penalties and late fees
• Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020
• Suspending reporting to credit bureaus of delinquency related to forbearance
• Offering loan modification options that lower payments or keep payments the same after the forbearance period
 

isisis

LoanSafe Member
Jun 22, 2010
1,741
235
63
North bay
I am talking about Boomer II.. Its never too late. Last, I remember a foreclosure average somewhere in the line of six-months. And that was considered fast. In 2008, they came up with plan 700-800 billion dollar bailout. They had healthy people and very healthy lenders/investors back then. We are at a time, where buying a house - being a home owner don't matter. Now, 2020, they want a 2trillion dollar stimulus plan. More than twice the amount of the last. They know something they don't want the public to know. I guessing that no matter if they find a cure or not, the all the old folks would die from it and young people badly damaged from it. Maybe social distancing is not enough. If it can be transmitted by touching then it can be airborne. Mosquitos and/through/to other animals.

I don't know why some people are saying negative things about Trump, by twisting his words. He is doing a excellent job. Bare in mind, his decisions for the good of the nation aren't base on himself. He isn't racist for referring covid19 as "Chinese virus" It was/still is acceptable to call or name things from its origin. The aliens would call it the Earthling virus. All this time, I was calling it Kung Flu or Wang-Chung virus. But, I am a nobody. Our society has gone into some wacked way of thinking, specially from the women side. When women say "You look nice!", it is ok. When a man say "Hello!", the women would assumed he wants something and usually file some form of complaint.
Trump dropped the ball. We had a major heads up back in December to prepare for this and if it had been handled appropriately much of the damage could have been averted. We could have had a plan like South Korea, we could have stockpiled masks and ventilators, we could have had people tested and isolated. While he was pretending it was a hoax it was gaining a foothold all over the country. He chose to ignore it and the economy is collapsing and people are dying.