Christopher Gibney -Realtor

10/28/2020

09/11/2020

And we'll still get them their dream home!

04/08/2020

🚨 Mortgage Forbearance Math 🚨

Mom and Dad have a mortgage.

It's currently $1,500 per month. (It's an example)

Dad gets laid off, calls the servicing bank and asks for forbearance.

In one phone call, he gets 6 months "off" from paying.

Seven months later, Dad is finally back to work, and hasn't been able to save any money during the forbearance.

Forbearance is lifted and servicer says,

"That will be $9,000 + $1,500, which is now due". ($10,500)

Dad almost passes out and says, “WHY??"

Servicer: "That's the 6 months of forbearance plus the current month.”

Dad: "I can’t do that, can we work something out?"

Servicer: "Sure, we will spread out the $9,000 over 12 months."

Dad: "Phew....ok, good. What will that look like?"

Servicer: That will be $2250 a month for the next 12 months."

Dad: " OMG!!! I can't afford that."

Servicer: "Sorry....."

Dad: "Can I refinance?"

Servicer: "No because the loan went into forebearance."

Dad: "What can I do?"

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In a nutshell, this is forbearance, folks. Forbearance is not forgiveness. We need to keep putting this message out there, because we are still getting a lot of questions. Please understand the seriousness of this, and if you still have questions, you know we are always here for you.

Use this as a last resort.

🙏🏻Please share 🙏🏻 there’s too much misinformation out there.

Call me if you have any questions 347-495-2506

Victor Andrade
VP of Sales/ Branch Manager

04/02/2020

Back in business 🤓🧐

03/01/2020

Great day of business