Transcript:
Happy Friday, everyone is Jamie with The Real 411. Well, congratulations on surviving another week of being stuck at home. And if you’re like me and you have little ones, then you have simultaneously managed to work from home while watching your kids and helping them navigate through their online school. So I’m right there with you. You’ve got two days of rest before Monday comes around again, and we get to hit it hard all over again. So let’s talk about mortgage and some of the hot topics for this week. I’ve covered a lot of it in my past videos, but I want to kind of recap everything for you.
So, is your number one? Forbearance. Forbearance is not forgiveness. The government came out with some forbearance options; for people who have been affected financially by the coronavirus issue. And I want to remind you that if you are pressing pause on your mortgage. When that pause button, is unpaused all of the payments that you’ve been delaying will be due. Be prepared for that.
Please also remember that if you have not been financially impacted by the coronavirus and you apply for a forbearance plan, you are not likely to get approved for it. Lenders are expecting you to prove that you have a financial loss before they’re going to let you skip your mortgage payments. And this really comes around to doing the right thing. Folks, if you are able to make your mortgage payment, if you have been fortunate enough to have not suffered a financial impact, please make that payment. There is such a huge ripple effect when customers don’t make their mortgage payments.
The unemployment report has been just staggering, to say the least, unemployment report. We have 3.3 million unemployment claims filed for job loss. And the word on the street is that another 10 million job losses have resulted in EDD claims filed. And so I am not looking forward to the April unemployment report. The unemployment report affects everything. Why? Because when people suffer a loss of wages, they have difficulty making their mortgage payments.
When they don’t make their mortgage payments, all of the banks and servicers do not make money. The money those servicers and banks earned is what is used to employ all of the staff that processes the loans that are in the process now. And all the loans that are being serviced. And it is also the money that is used to fund the credit lines that generate a new loan. So if you can make your mortgage payment, please do the effect it has on our economy. The effect it has on our industry, the effect it has on your ability to refinance a new loan is huge.
Secondly, if you are suffering a financial impact from the coronavirus and you are having a difficult time navigating through the options that are available to you. Or you’re feeling intimidated about calling your servicer, or you just don’t know where to start, call us. We’ve been doing this for decades, and if you’re our customer, then you’re a customer for life. And that means through the tough times, just as much as the good times. And we would be more than happy to help you understand your options and guide you through the process of getting some assistance. Most importantly we hope that you are all staying healthy and safe during this challenging time. Reach out anytime team Amerifund is here for you. Take good care, and have a great weekend.
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