Amicale, Remax, Phil Olsen discussed on Red Hot Real Estate Show


Man from remax results also on the line Phil Olsen from Amicale alone talking about all the changes that have gone on even in the last week and taking your calls you can call us at six five one six four one one oh seven one if you have any questions so filled out before the break we were talking a little bit about if you have the opportunity to switch from a government loan to a conventional loan that that would be better we all know that but specifically what would somebody have to be able to do in order to make that happen well if you've got a creative lead but they're not that's going to be really key the the king that the loan officer had a lot of flexibility yeah it's a road blocked as far as all the different programs they have basically what you what to do with that that specific do you go from a to a to a conventional depends on your debt to income ratio of your debt to income ratios are still below I first sat thank you for that to a conventional loan product on the consumer's there how much are they putting down and depending on what the credit looks like now if you'd prefer to have them ready all possible I'm ready at home possible our specific product for first time homebuyers and even buyers that have not yet been within the last three years but the looser credit criteria now the reason they probably that you're not at them after age that maybe the last five maybe fifty box but right now it's really not about payment it's really about getting the consumer to the clothing but are not yeah hello I'm looking up solved that central government loans are not gonna be able to so I went to a conventional loan product and that's what the doctors want right now and you might ask the question why is that that's because there's mortgage insurance to mortgage insurance on the conventional side coverage blunder media late level of mortgage insurance coverage under a year and a half down the road and with the government loan servicer the consumer defaults the servicer is required to make the payments for the next twelve months or they could even bring an action against the consumer to go into foreclosure that being fat right now there's a moratorium very important to all our listeners out there make your mortgage payment if you can't make your mortgage payment talk with your servicer there is a moratorium they're talking about my understanding of the I mean if that they'll take your mortgage payment and put it at the back end of the line for that don't talk with their servicers don't work with their servicers they could be setting themselves up for disaster down the road that is it so let's talk about so let's just go try to drum up a scenario of what so we know that things are changing on the dime right now for everybody so right now what we know is the forbearance they're gonna put the payments on the backend but when we had the down market before in two thousand eight forbearances caught people are kind of off guard and let's talk a little bit about what that did to people's credit back in two thousand eight versus what we think might happen today all right so back in Beirut was reported to the credit bureaus through the credit suppositories the closure and it would be used by and Freddie Mac at the foreclosure we have a totally different situation at this point in time yesterday I spoke with Bob Marley cooling my rap for the credit bureaus I talked with him for about thirty minutes right now he will be happy if they fall conference supposedly Monday or Tuesday all this is going to be reported on the credit bureau it is the opinion it's going to be reported better for the consumer then log back in all nine or they are working through that I don't have anything I can say that a hundred percent other data if the consumer works with the servicer and speaks with them and talked with them the services are working with the consumers at this time I believe that it is not going to be affected but I'm not the one that's going to make that decision well so let's talk a little bit about forbearance but for real estate and mortgage versus forbearance on student loan debt how the differences all right the difference is not that student loan you can be put on a forbearance program based on the fact that you have limited income and you might be put on the forbearance for twelve months or twenty four months and that on the credit report that's not impact your credit score it does not impact the consumer negatively in all night Barrett did impact on mortgage like I said in my understanding that this is not going to impact consumers unlocked the consumers are not working with the servicer and so fell for folks that don't really know what a servicer is the servicer is who the mortgage company sells the loan to and that's who you make your payments to correct absolutely so and I know they're not no I was just gonna say if people need to know how to get a hold of their service or they didn't really know them as a servicer they can just go to their mortgage payment statement the coupon book correct whoever you pay to rock that is who you need to reach out to now is there a special department that you know what that would be the best place to start I know that I was reading somewhere where you need to call and do things by the letter of your last name that would be like so that they can control the trip that flow of these applications from what I'm being told yeah go to your mortgage statement call the phone number I understand right now all times are wait times throughout the industry from what I'm hearing anywhere from eight to ten hours on hold they have to be patient they're gonna have to get that they may end up having to call them back it's my understanding that the customer service department all the major banks and all the major servicers are working with their consumers and happy compassion and humanity with that specific situation but it's really up to the consumer just don't make your mortgage payment folks you do that a year you're potentially looking at not getting the help that you would have received had you reached out to them okay sell sell I think that was a little confusing let me let's just reiterate what that what you mean you and I both recommend if you have the where with all to make your mortgage payment to make your mortgage payment correct absolutely and the reason for that is why the reason for that is the one that we there's so many unknowns right now I mean there's nothing set in stone by either Fannie Mae Freddie Mac the federal government Jeannie mai how can it be reported on the credit report so for those that have the where with all to make your payment make it for those that have the where with all to pay their rent pay your rent payment right now we're seeing I mean it's crazy in the rental market as well you're aware about me yes you know so everybody everybody it's it's a whole train it's a domino effect one person doesn't get paid if it's a hardship on another person another person on another person and so it's important that we all do our part to try and and help everybody out including ourselves felt so let's talk a little bit more about the moratorium on evictions yup my understanding on the moratorium on objections right now all I hear there's a six month moratorium I'm I'm not quite sure if that's a hundred percent correct can you help me out on that many yeah I was hearing something similar but we will have to verify that but never the less if you are laid off and you can't make your mortgage payment similarly you would want to reach out to your landlord and see what sorts of situations that you could work out together right tell yep the other thing I would encourage our listeners to do yeah you talked with the landlord talk with their service server and so let's just say hypothetically you run to the go to your landlord and yeah he hello but I can pay you five hundred see if you can work out a deal with the servicer to pay what you pay because ultimately ultimately mortgage payments are going to have to be paid back and ultimately ranked is going to have to be paid back so I would just encourage people to work with people and I think everybody right now there's so much humanity and they're all there that I think people will walk with you to get you back on your feet if you're going if you're struggling at this time right and so when we come back from this break Phil I think what I would like to talk about is about whether now is a good time to buy still or is it a good time to sell in new.

Coming up next