This segment is sponsored by the Mortgage
Link and Eastern title and settlement.
The real estate top performers want
to share important information for
homeowners who are concerned about the
lifted moratorium and forbearances we're
hearing from Ebony Thompson with Thompson
Premier Homes group of Keller Williams.
But first, Carrie real of the mortgage link,
has your mortgage deal of the day.
Carrie, Ebony, so great to have you
here Carrie. I'm going to start
with you. What's the deal of the day?
Hey good morning Chris and thanks for
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A great deal
to have Carrie thank you for that Ebony.
So we've heard a lot about the
lifted moratorium for homeowners,
so we want to know more.
What does this mean for troubled
homeowners in our area? Hi
good morning Christine.
So it really is unfortunate,
but the suspension towards all
foreclosures have actually been lifted
and so that means most importantly
that lenders are now able to start
the foreclosure process for many of
our homeowners here in our country.
So if you're a homeowner, what
safeguards can you have?
What can you, what you should
be looking forward to do so?
The first thing
is is that you should be
communicating with your lenders.
That's always important.
Lenders are they understand that
we're just coming out of the
pandemic and most people are still.
Experiencing hardship from the pandemic
that we are still in actually.
So first thing is to
communicate with your lender.
Let them know that you're
still experiencing hardship.
There may be some additional
extensions for certain individuals
that are still going through
the hardship of the pandemic,
meaning that your your income has
it's still in decreased and the other
thing is too is that you can start
trying to set up some payment plans.
With your lender,
you can still try to see if
you can do loan modifications.
You can still see if you can do a deferment,
and overall if you have the funds
you can still make the payment to
be reinstated into your loan carry.
What have
you been seeing during this time
as people are figuring this out.
Right? Well avenues brings
up some really good points.
You know, a lot of this is about
educational other homeowners out there.
They really just don't know what to do.
You know, for those that are fortunate
enough that are in this situation where
they've not been earning some income,
they don't have savings,
they've had to do forbearance,
is they've not made payments,
and now it's come to a point
where they need to make payments.
And most of the time, for instance,
with the forbearance you might get
your three months or six months
without having to make a payment.
And then you come up on your
4th or your seven month.
You have to make that payment and
then all the payments that you missed.
And that's quite a challenge for
somebody that's not been making money.
You know please. Reach out to your lenders.
The ones that are servicing your loans.
See if they have the ability to
potentially take that balance and
put it on the back of your loan.
Or potentially give you a loan modification.
In worst case scenario,
if there's you know because
not all lenders will do this.
Some will say you need to pay this or else,
in which case you're going to end
up having a bunch of late payments
and having late payments for a long
enough period of time is going to
result in a default on your loan
and then potentially a foreclosure.
Please talk to Realtors,
talk to your lenders.
Do not put yourself in a situation
to have a foreclosure,
especially if you have a lot
of equity in your property.
Now is the time to and I know this
is very emotional for all homeowners.
First to be involved in the pandemic
to be in a situation where you
potentially have an income loss.
Those struggles or you know they
take a big toll on you financially,
emotionally etc.
So that be in this situation
it's an additional.
Emotional toll for you,
but don't let your pride get in the way.
If you need to be in a position to
either foreclose on your property or
sell it and walk away with some money,
get that property listed,
get it sold and get some cash in
your pocket from all that equity.
All those payments that you've
had in the past,
and you know this is a great
opportunity to reach out to you.
Know to ebonies and talk with her
about your property and and help
pretty determine if you know.
If you should sell on or talk to your
lender and see if there's a way to
extend it to where you can avoid foreclosure.
Yeah, real quick. Before I let you
go ebonies, how do you prepare to
sell in an environment like this?
I love everything.
Carry just sad because it really means
that you're taking your mindset from.
Excuse me, just begin the homeowner
to now shifting your mindset to
you are an investor and it's time
for you to probably make the
decision to cash in your investment,
and getting prepared to do that.
Is the same as saying on
selling your home as a standard.
Knowing what your house is worth,
the the the value of your property,
knowing how much you owe on the the
the mortgage with your payoff amount
would be getting yourself prepared.
In this situation you may not
be able to purchase right away,
so it's best that the real estate agent
that you're working with also have
that exit plan for you and your family.
Where are you going next?
So that may mean that you need to
start looking for rentals as well.
And so it's just a process of an
additional process that you should
start right away because I'm sure you're
going to have a lot of questions.
I'm especially if you didn't expect
to in two years or a couple years
later from after going through
pandemic that you're now going to
have to move out of your family home.
But there is a way to do it like Harry said,
especially if you have some equity
and hopefully that will make it
a little more easier for you to
start the next chapter
of your life. Some great advice there guys.
And and again, you are the experts.
Reach out. With all your questions,
but we appreciate both you being here
today. Thank you so much.
We really appreciate it.
All the consumers reach out to us.
We're here to educate you man.
Trending questions. Thanks so much.
Thank you. All right, the mortgage deal.
The day is right there on your screen.
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