Paul Kiernan
speaker
175 appearances
3 recordings
1 series
first heard Jun 2018
last heard Aug 2021
Paul Kiernan’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yes, so Congress and the CARES Act gave homeowners who face financial hardship the right to request and obtain up to a year of forbearance from their mortgage companies.
The problem is the CARES Act doesn't say what happens after that six months or year or whatever the forbearance period is, is up.
So you've got, as we reported, mortgage companies telling homeowners that they'll have to make balloon payments
in three or six months.
Other options that are out there are repayment plans where instead of a $1,500 mortgage payment, you got to make a $2,000 mortgage payment for some period of time to make up what you had missed during the forbearance period granted by the coronavirus response.
some lawmakers are now proposing is to put it in the law.
This is what happens after your forbearance period ends.
You tack any missed payments on to the end of your mortgage and extend the mortgage term by the forbearance period.
Whatever you're paying, whatever you were paying in February for your home, you're going to continue paying
after the coronavirus pandemic is over.
You're not going to have to pay more.
You might have to negotiate paying less, and that'll be certainly on a case by case basis.
But what a group of Democrats is doing in the House is trying to create a one size fits all solution to simplify it so that you don't have these questions and this uncertainty and frankly, confusion and miscommunication that's happening
because the instructions are getting passed down from the Federal Housing Finance Agency to Fannie Mae and Freddie Mac, countless mortgage servicing companies, each of which has a lot of employees who just understand what they're being told.
And then homeowners ask them follow-up questions and they don't necessarily always know what to say.
And so it would be a lot easier
Democrats and a lot of economists say to just create a simple one size fits all solution to this.
If you go into mortgage forbearance, the missed payments get tacked on to the end of your mortgage and you get extra time to pay off your mortgage.
So if you have a six month forbearance period and a 30 year mortgage, you basically now got a 30 year and six month mortgage and you never have to pay extra at any given time.
I have spoken with a lot of people who are really freaked out about their mortgage payments.
Showing 81–100 of 175 · page 5 of 9
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