Episode 013 - Locked In - Mortgage, Rent, and Unemployment
LOCKED IN – With people being laid off, furloughed and unable to work, what should they to do about their mortgage and rent payments? Also, what are the state and federal governments doing to help with those who are unemployed? Today we'll discuss what the government currently doing to address the COVID-19 crisis.
SHOW NOTES
- 02:20 – Today’s episode details. Might be helpful for agents directly, agents can help their clients, family and friends.
- 03:10 – Governor of Indiana put a stay on court actions of foreclosure and evictions for 3 months. Does not mean you don’t owe the money. The actions are ONLY paused. They will likely will still happen in the future.
- 04:30 – What will happen when the 3 months expire? We will be watching.
- 04:45 – What happens if you can’t make your payments? Different lenders are doing different things.
- 05:00 – Reach out to the lender or their landlord to discuss your situation and how it can be resolved. The worst thing you can do is to just stop making payments.
- 05:40 – “Forgiving” of payments. Forbearance – lump sum payments? Ask lender how they are allowing the lack of payments.
- 07:27 – What is forbearance? Not the only option though. Call the lender and ask their options. Forbearance, extend your loan, or increase your payments by adding the missed payments into your existing payments.
- 09:30 – Loan modification based upon restructuring of the debt details (ex. rate, maturity date, etc.).
- 10:23 – Make all of these a last resort as lenders are not doing great things.
- 11:15 – Rental payments. Unfortunately, no state or federal oversight of rental issues. Talk to your landlord to see what can be done. Landlord has control of what happens. No standard of practice. Some landlords are working with tenants and some are being jerks.
- 12:40 – Do not harass tenants. If landlords are doing this, take note, keep emails, text messages to set up a better situation in the case of eviction.
- 13:30 – When communicating with landlord, will this affect my credit or rent history. Find a way to make things work.
- 14:00 – Unemployment, help you clients with more information. Federal Stimulus package includes additional federal payment of $600 per week above state funds. Funds run through 07/31/2020.
- 15:00 – State funds are already available, but federal funds have not yet. The law is still being worked through and negotiated with each state. The money is coming. Be patient!
- 15:55 – Brian is a loser and ignored his wife to read the CARES act in bed, not snuggling Cate. Doing this for our listeners!
- 16:33 - $600 additional payment may be extended?? Election year can change everything.
- 17:30 – “Golden nugget”, not the same as the Tiger King. 13 additional weeks of federal unemployment payments for most people.
- 17:45 – Sign off with a quick thought. With everything going on, there is plenty of doom and gloom. No rainbows, unicorns and puppies.
- 18:20 – Plant the seeds now for a future harvest. Agents, help clients, friends, family with information now and those will turn in “fruit” someday for you.
- 19:00 – Be positive! All of opportunity and we are getting help
- 19:20 – WASH YOUR HANDS!
SHOW LINKS
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cate@craftsmanrg.com
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