mortgage simple definition: Govt. Shutdown, Your Pay and Your Mortgage

Govt. Shutdown, Your Pay and Your Mortgage

Govt. Shutdown, Your Pay and Your Mortgage. 17-15314 Katrina Steinberger v. Ocwen Loan Servicing LLC

Govt. Shutdown, Your Pay and Your Mortgage video duration 2 Minute(s) 28 Second(s), published by Mortgage Advice Hub on 24 01 2018 - 19:35:18.

Possible Government Shutdown, Pay Interruptions and Your Mortgage Payment
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Learn more A desperate family called Action 9 claiming a mortgage servicing company changed the locks on their mother's home, then refused to return all of her property Katrina Steinberger appeals the district court's judgment in favor of Ocwen Loan Servicing, LLC and other mortgage entities in a diversity action seeking to .

Possible Government Shutdown, Pay Interruptions and Your Mortgage Payment. If your pay will be interrupted by a government shutdown, and you can't pay your mortgage, there are temporary options. Mortgage Forbearance for temporary interruptions to you income is one of those options.

Veterans Tip of the Week – Gov. Shutdown, Your Pay and Your Mortgage

For Anyone with a Mortgage

Since the Government Shutdown was in the news lately, and it could still happen until a budget is actually passed, I thought this was a good topic. This is one of those cross-over topics that applies to anyone who has a mortgage, VA Home Loan or any other type of mortgage. If your income is TEMPORARILY interrupted, due to an unforeseen circumstance like a natural disaster, major medical issue, or the Federal Government shutting down, and this will cause you to miss a mortgage payment…Communicate, Communicate, Communicate…with your mortgage servicing company (the company you are paying now, not necessarily the one you got the loan from). When speaking with your mortgage servicing company, be ready to explain your situation, have all of your financial documents in hand, outline how you cut other expenses and can still not make the payment, and be prepared to explain how you will get caught up. Now, this will have a negative impact on your credit score, but it will be a much better situation than missing payments without explanation and risking foreclosure – which generally begins after missing 4 payments (120 days late).

Forbearance is a tool for dealing with TEMPORARY issues, and is not for long term financial problems, like unemployment or being in a house you can not really afford. If you are a veteran with a VA loan and need some help with budgeting, here is a VA resource page for you: https://www.benefits.va.gov/HOMELOANS/resources_payments.asp

Here are some great references for everyone to look over.

From Fannie Mae (Federal National Mortgage Association FNMA) - a Government Sponsored Enterprise servicing the Secondary Mortgage Market

https://www.knowyouroptions.com/avoid-foreclosure/options-to-stay-in-your-home/forbearance#

Military Forbearance - For Active Duty or NG/Reserves called up to Active Duty:

http://www.knowyouroptions.com/find-resources/government-programs/military-forbearance

From the CFPB (Consumer Financial Protection Bureau) – a Federal consumer protection agency for the financial sector

https://www.consumerfinance.gov/ask-cfpb/what-is-forbearance-en-631/

https://www.consumerfinance.gov/ask-cfpb/i-cant-make-my-mortgage-payments-how-long-will-it-take-before-ill-face-foreclosure-en-1849/

I hope you all find these comments helpful. Enjoy the video. Check out my Veterans Advice Hub (https://www.youtube.com/channel/UCVGmOlvhE-oFmoDnK3OpbbQ) or my Mortgage Advice Hub (https://www.youtube.com/channel/UCHNtCUz4EsXLLcLhK4gDgfg) if you need more information. Feel free to PM me if you have VA benefits questions.