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EIDL Program is reopened for Independent contractors to receive assistance

Jun 17, 2020
4 min

EIDL Program is reopened for Independent contractors to receive assistance

Many independent contractors missed out on the first EIDL assistance. Please see below for helpful information on how to apply. |Jun 15, 2020 SBA Opens Up New Grants And Loans For Small Businesses And Independent Contractors: The EIDL Program By Richard Harroch On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. This means that independent contractors, freelancers, and gig workers are eligible to r

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#Servicer's of Federally backed Loans must grant Forbearance for two 180-day periods if needed

Jun 5, 2020
2 min

#Servicer's of Federally backed Loans must grant Forbearance for two 180-day periods if needed

Great news for homeowners with Federally backed loans. CARES Act originally provided for 180 days for homeowner assistance Forbearance due to loss of income and or inability to work due to COVID. Current release confirms that the assistance may last as long as two consecutive 180 day periods which will provide relief past June should the homeowner still need assistance. FOR IMMEDIATE RELEASE: June 4, 2020 MEDIA CONTACT: Office of Communications Tel: (202) 435-7170 CFPB AN

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Coronavirus relief bill could change unemployment benefits

Jun 3, 2020
2 min

Coronavirus relief bill could change unemployment benefits

Self employed were not previously reported in the weekly jobless rates until end of May 2020. 2.4 million workers applied for unemployment benefits by May 16th and nearly 2.2 self employed and independent contractors applied for aid under Pandemic Unemployment Assistance. By Megan Henney FOX Business Next coronavirus relief bill could include changes to unemployment benefits, Hassett says Roughly two-thirds of workers on unemployment are receiving more from the government ai

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#Can't pay your bills?

Jun 3, 2020
10 min

#Can't pay your bills?

With Pandemic unemployment more than $43 million people, that is 1 in 4 people filing for unemployment benefits in the last 10 weeks. We are all looking for answers on how to adjust and ways to cut down monthly expenses. Bankrate article below provides a comprehensive list of 13 steps to take if you lost your job or cannot work due to the coronavirus crisis. Most homeowners have already called their mortgage lender or servicer to ask for forbearance assistance, look at th

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#All time low Mortgage Rates

May 29, 2020
2 min

#All time low Mortgage Rates

Federal Reserve is helping to stimulate home sales by lowering mortgage rates and buying back mortgage backed securities. Great news for homeowners seeking lower monthly payments in a refinance. What does this mean for homeowners in forbearance? Once the forbearance period ends, federally backed mortgage loans can make 3 agreed payments and qualify for refinance. Please consult your loan servicer to confirm refinance programs and options after forbearance. Mortgage rates

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#2.1 Million more jobless workers applied for unemployment

May 28, 2020
1 min

#2.1 Million more jobless workers applied for unemployment

You are not alone 2.1 million U.S. workers sought jobless aid last week. To date we have 41 million who have applied. By ASSOCIATED PRESS MAY 28, 2020 5:42 AM WASHINGTON — Roughly 2.1 million people applied for U.S. unemployment benefits last week, a sign that companies are still slashing jobs in the face of a deep recession even as more businesses reopen and rehire some laid-off employees. About 41 million people have now applied for aid since the virus outbreak intensified

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#Refinance after Forbearance

May 26, 2020
3 min

#Refinance after Forbearance

This is great news for Federally Backed Loans. Homeowners are able to refinance their loans after their Forbearance period ends once they make the agreed 3 three consecutive payments under their repayment plan, or payment deferral option or loan modification to their mortgage servicer. Fannie Mae, Freddie Mac will allow borrowers who took forbearance to refinance their mortgage Government Sponsored Enterprises (GSEs) also extended their timeframe for buying loans that went i

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Freddie Mac online resources for homeowners and rental properties

May 26, 2020
3 min

Freddie Mac online resources for homeowners and rental properties

Freddie Mac Announces Online Resources to Help Consumers New digital tools help consumers know their options and get help May 26, 2020 12:32 ET | Source: Freddie Mac MCLEAN, Va., May 26, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced a number of online resources available to help homeowners and renters navigate the relief and support the company has made available in the face of COVID-19. The tools are part of a dedicated effort to raise awareness of the o

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#COVID19 Frequently asked questions

May 20, 2020
3 min

#COVID19 Frequently asked questions

Mortgage Bankers Association has put together frequently asked about COVID19 and the forbearance process and what to ask your loan servicer. The COVID-19 pandemic has left many Americans in unique financial situations. If paying your mortgage poses a financial hardship, we encourage you to contact your mortgage servicer. There are options to help meet your needs. Are You Facing Financial Challenges Due to COVID-19? First things first: If you can afford to make your mortgage p

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#Relief for Federally Backed Mortgage Loans in Forbearance

May 15, 2020
2 min

#Relief for Federally Backed Mortgage Loans in Forbearance

Great news for Federally Backed Mortgage Loans from Freddie Mac and Fannie Mae. This article announces that relief is offered as of July 1st. This news does not currently apply to Non Federally Backed Loans. Looking forward to answers from Non Federally Backed Loans and their Loan Servicer's on what can happen to payments in Forbearance. Check these links to confirm if your loan is Federally Backed. https://ww3.freddiemac.com/loanlookup/ https://www.knowyouroptions.com/loa

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#What will credit reports show after COVID19 Forbearance?

May 13, 2020
2 min

#What will credit reports show after COVID19 Forbearance?

Great Article by Kathleen Howley. Mortgage Forbearance is a necessity at this time for millions of American's. Under the CARES Act the Mortgage Servicer's are reporting the credit as current if the homeowner was current prior to starting the Forbearance but CARES Act now needs to address the notated sections of a credit report where it could show "Forbearance". Read below.... Forbearance becomes a ‘Scarlet Letter’ on credit reports A 'comments section' workaround consumer

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#COVID19 Mortgage Myths! Missed Payments are not forgiven or waved

May 6, 2020
3 min

#COVID19 Mortgage Myths! Missed Payments are not forgiven or waved

Mr. Cooper clears up the Mortgage Myths. Mr. Cooper like most of the major mortgage loan servicer's responded to the COVID19 stay at home crisis with the ability for a homeowner to put the payment of their monthly mortgage on pause until normal income returns. Mortgage Loan Servicer's cannot waive or forgive the payment owed as it is simply that, we owe any payments that were paused during this pandemic. Upon conclusion of this pandemic, Loan Servicer's will work with home

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Quicken Loan FAQ

May 3, 2020
4 min

Quicken Loan FAQ

Great resources for Quicken loans clients impacted by COVID19 on who should apply? What is a Forbearance? What happens when the Forbearance is over? Why Forbearance? FAQ: Quicken Loans® Clients And Mortgage Assistance During COVID-19 Resources For Quicken Loans Clients Impacted By COVID-19 If you’re worried about making your mortgage payments, here’s what you should know: · You can find resources online: You can begin the process online through Rocket Mortgage® by Quicken Loa

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Selling or Buying a home during the pandemic

May 1, 2020
1 min

Selling or Buying a home during the pandemic

Nerdwallet article says yes you can buy and sell a home with the following helpful tips Tips for buying or selling a home now: · Carefully consider whether you're financially and emotionally ready to buy a home and whether you need to move right now. It may be better to postpone if you're just toying with the idea or worried about losing your job. "It's a needs-based thought process," Jeanne Radsick President California Association of Realtor says. · Shop at least three lende

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When do I get my economic impact payment?

Apr 30, 2020
2 min

When do I get my economic impact payment?

Everyone needs this question answered if they have not yet received the economic impact payment directly deposited in their bank account. I was able to check the status of my payment by going directly to the IRS site "Get my Payment" and provide my bank account information for direct deposit. A few people have told me that they have logged onto the "Get my Payment" site and received the date in which the check will be mailed. Article from the The Consumer Financial Protecti

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COVID19 Q&A Penny Mac Loan Services, LLC

Apr 30, 2020
6 min

COVID19 Q&A Penny Mac Loan Services, LLC

From the Penny Mac Loan Services website. COVID19 mortgage assistance and links for their customers As COVID-19 (Coronavirus) continues to affect our country, your PennyMac family is here to support you. We recognize many of you have had long call wait times or have not yet had a chance to speak with one of our PennyMac team members. We encourage you to access the tools available to you online to get information quickly. At PennyMac, we’re committed to doing the right thing

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Why We cannot just be relieved of our payment responsibility.

Apr 28, 2020
4 min

Why We cannot just be relieved of our payment responsibility.

Freedom Mortgage provides a great explanation of why homeowners who have Federally Backed Mortgage Loans still have our payment obligations during this pandemic. A homeowner cannot be relieved of the obligation of making a payment. Under the CARES Act, Freedom Mortgage is offering forbearance. Please find additional information from Freedom Mortgage COVID19 Alert page. Why don't you just relieve me of my payment for a while? Freedom Mortgage does not have the right to reli

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Freedom Mortgage FAQ

Apr 28, 2020
2 min

Freedom Mortgage FAQ

Helpful questions and answers from Freedom Mortgage and COVID19 options COVID-19 Frequently Asked Questions Updated on April 16, 2020. Freedom Mortgage Loans Servicing Related COVID-19 Questions My income has been reduced because of COVID-19. What relief options are available to me? If you are facing a financial hardship caused by COVID-19, there are federal relief options available through the CARES Act. For updated information and guidance, go to the COVID-19 Alert Update,

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FAQ: Fannie Mae & Freddie Mac Assistance Options for Families Impacted by COVID19

Apr 28, 2020
3 min

FAQ: Fannie Mae & Freddie Mac Assistance Options for Families Impacted by COVID19

Thank you Freddie Mac & Fannie Mae for releasing the frequently asked questions. This applies to all loans that are Federally Backed, mortgages owned by Fannie Mae & Freddie Mac. What help is available for homeowners impacted by COVID-19? Homeowners unable to make their mortgage payments resulting from the impact of COVID-19 (regardless of whether they have contracted the virus) may be eligible for a mortgage forbearance plan to reduce or suspend their mortgage payments for u

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Fannie Mae & Freddie Mac (FHFA) Suspend Foreclosure & Evictions for Federally Backed Mortgages

Apr 28, 2020
1 min

Fannie Mae & Freddie Mac (FHFA) Suspend Foreclosure & Evictions for Federally Backed Mortgages

News Release from FHFA for Federally Backed Loans. Please see your servicer to confirm if you have a Federally Backed Loan or Non Federally Backed Loan to confirm if this applies to your Loan. FHFA Suspends Foreclosures and Evictions for Enterprise-Backed Mortgages FOR IMMEDIATE RELEASE 3/18/2020 Washington, D.C. – Today, to help borrowers who are at risk of losing their home, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprise

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