New Can you legally stop paying your mortgage or rent right now?



CAN I STOP PAYING MY MORTGAGE PAYMENTS?

Source article: https://www.iheartbudgets.net/covid19-mortgage-rent-relief/

yes if federally backed mortgage company
2 conditions: must contact them and must be affected by crisis
If that is met you can have 180 days mortgage forbearance
If after 180 days still in trouble, you can request another 180 days – according to the cares act they have to give it to you.

What about AFTER the forbearance?

“The problem with the CARES Act is that it doesn’t make clear how borrowers pay back the money during a forbearance period,”
This is why it is SO IMPORTANT to talk with your mortgage servicer directly, and ask them how they expect you to pay for the missed payments.

SHOULD I STOP PAYING MY MORTGAGE IF I CAN AFFORD IT?
No.
If you can make the payments, it is better to pay than to delay the payments (and interest) until later. There are multiple reasons for this:
You will be extending your mortgage payoff, and depending on how your interest is calculated, this could end up costing your more
If your lender requires a balloon payment at the end of forbearance, you have to pay it anyways, and now you risk going into default if you don’t have the money
If you can afford the payment and are not experiencing financial hardship due to COVID-19, you don’t qualify for forbearance anyway

WHAT IF I CAN’T PAY MY RENT?

In addition to mortgage relief, renters are also getting some help in the new CARES Act.
If the mortgage on your rental home is covered by any of the below, then your landlord cannot file for eviction or ask you to vacate your property for 120 days (starting on March 27th):

Also, during this 120-day period, the landlord cannot “charge fees, penalties, or other charges to the tenant related to such nonpayment of rent”

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11 comments

  1. Nicholas Hei End Gems Hei

    Yes but you have to pay it back all at once , but actually it’s all fraud grammar, you my friend need to understand your strawman and quantum grammar language, Russel jay Gould and David Wynn Miller, this is what you need to be learning , your birth certificate enslaves all of us to a debt from the 1850 that we pay back , we have been born into something that we have no knowledge of, your name is capital letters means your a dead person, all those loans we pay, we they give them to dead people, just like on a grave stone , , very serious everything I’m saying, unsecured loans , 3rd party , take a looks at black law dictionary , https://www.youtube.com/channel/UCFCcG0xBhCdkSg_8VrBzgvQ, https://www.youtube.com/user/horisize

  2. Lucinda McLean

    With your mortgage, you must state that you've been directly or indirectly affected by the COVID 19 pandemic.

  3. Jared Ferguson

    Yeah this isn't good for anyone….I called and checked and they are allowing people to go 90 days without a payment, but you have to pay all the payments you missed at the end of those 90 days. So after 3 months of no payments your 4th payment will have to include 4 payments.

  4. You would think, with the government saying stay home. You can't work, no other income, how do anyone survive?. Other bills need to be paid, with no income. Every person that's still working in the public/on the front line, is putting there life at risk.

  5. Rhiannon Urso

    Shared with my mom – hopefully she'll benefit from this.

  6. It may be absurd, but they allowed it to be written that way for a reason.

  7. Thank you for this information. You motivated me to apply for the EIDL and you were correct it was easy. Applications can be intimidating. Father Bless Seedtime Abundantly with Your Spirit.

  8. Veritas aequitas

    At the end of the day you will have to make up all missed payments on the back end of the term of you mortgage.alot of people are under the impression they don't have to make up the payment like it's going to just go away.

  9. First time I watched your show and it’s very good. I love the way you started off with scripture from Heb.). I am a renter. I lost approx. 1/2 of my business right now due to the Corona V. Pandemic and the mandatory isolation required. Once this has subsided I will get those client’s back again. Because of this I will not make enough each month for my rent pyt. I spoke to the leasing office and they told me I can make late rent pyts., but they will charge the typical late fee. I couldn’t believe it. So this is going to be extra hard on me financially. I live in Mpls., MN.

  10. Shawn Hayden

    I heard Allstate is refunding clients $600 premiums with less drivers.

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