Stay Well at Home
Posted by Windy Crutchfield on Friday, March 20, 2020 at 4:10 PM By Windy Crutchfield / March 20, 2020 Comment
Mortgage and rent payments are coming up and many of my Friends need a Game Plan. If you were one of those burned in last Recession, please take comfort that the banks have more experience with this now and manage it better. They want you to stay in your home. Further, our Federal government has taken important, proactive steps to protect you. Your best defense is a good offense--early and regular communication is your shield! Please keep in touch with me as well. My skill set includes resourcefulness, and I might be able to open some doors for you.
About half of my Friends have mortgage loans guaranteed by Fannie Mae and Freddie Mac. The first bit of good news for us is that they are healthier than they were in 2007, when much of their portfolios were in subprime loans. (watch or read The Big Short while riding this out at home--not suitable for kids--and know this is not happening again). The other lenders are likely to follow this government mandate to provide "forbearance." What this means is that the banks have been ordered to give you flexibility in paying your mortgage based on certain qualifications. Depending on your situation, you can pay reduced or no mortgage for up to 12 months.