A credit rating adjustment will need to be made. If borrowers had late payments prior to being laid off, they go to the bottom of process. Those who were able to continue to make payments from their saving while laid off should get preferential treatment. If all the late payments started after a job loss and borrowers started making payments immediately after new employment date, they go second in line. The borrowers who had difficulty obtaining a job should be given a modification on current loan with a three year window to catch up. Let them stay in home and take care of it verses foreclosing and letting the property deteriorate, thus creating a major loss for the lenders. Those who make it evident they are taking advantage of the system should be foreclosed on and their loan should be allowed to be modified to allow real estate investors to assume the existing with 10% cash downpayment with a five year balloon. This will save Wall Street and lenders millions of dollars.
Hello Frank and Brian, I have been watching your videos for 6 or more years easy. Love your videos and the information you share. I would like to learn more about Listing Booster and Keyboomer. Thank you for your help, stay safe and know your insight is appreciated greatly by this small business owner in Crested Butte Colorado. Mindy Sturm
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Good Information, thank you.
Thank you, very insightful.
A credit rating adjustment will need to be made. If borrowers had late payments prior to being laid off, they go to the bottom of process. Those who were able to continue to make payments from their saving while laid off should get preferential treatment. If all the late payments started after a job loss and borrowers started making payments immediately after new employment date, they go second in line. The borrowers who had difficulty obtaining a job should be given a modification on current loan with a three year window to catch up. Let them stay in home and take care of it verses foreclosing and letting the property deteriorate, thus creating a major loss for the lenders. Those who make it evident they are taking advantage of the system should be foreclosed on and their loan should be allowed to be modified to allow real estate investors to assume the existing with 10% cash downpayment with a five year balloon. This will save Wall Street and lenders millions of dollars.
Hello Frank and Brian, I have been watching your videos for 6 or more years easy. Love your videos and the information you share. I would like to learn more about Listing Booster and Keyboomer. Thank you for your help, stay safe and know your insight is appreciated greatly by this small business owner in Crested Butte Colorado. Mindy Sturm
Thanks for sharing. Very good information.