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Free Money? Mortgage Forbearance And You
Description
You can postpone mortgage payments with forbearance.
If you collect rent payments from your tenants, can you pocket it all and not pay your mortgage? What a windfall!
(Complete episode transcript is below. Read along as you listen.)
In crisis times, your cash flow is your cushion.
Last year, the publication "Emerging Trends In Real Estate" forecast that the chances of a pandemic roiling the economy were low.
The CARES Act's effect is discussed.
Payments follow five links in a chain: employer - renter - investor - mortgage servicer - mortgage-backed security holder.
What's the difference between a lender and a mortgage servicer?
Ethics and greed.
Are there deleterious consequences of forbearance?
Resources mentioned:
Read episode transcript at:
CFPB Video on CARES Act:
https://www.consumerfinance.gov/coronavirus/
cares-act-mortgage-forbearance-what-you-need-know/
Mortgage Loans:
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Complete episode transcript:
Welcome to Get Rich Education. I'm your host, Keith Weinhold. You can potentially collect your rent income from tenants and then, turn around and NOT pay the mortgage loans on those properties for a few months, pocketing a nice profit. But should you?
In the pandemic-induced world of eviction moratoriums and mortgage loan forbearance, there will be winners and losers. I'm helping you sort that out so that you can be one of the winners - and more - today on Get Rich Education.
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Welcome to GRE. From Olympia, Greece to Olympia, Washington and across 188 nations worldwide. I'm Keith Weinhold, this is Get Rich Education, and we are all living in strange times.
The squeeze for some of us, I think is encapsulated in Jerry Constantino of Queens, New York's situation.
He's talking with owners of the roughly 500 units that he manages, who are worried what's going to happen if the rent checks stop coming in.
As part of his Property Management duties, Jerry is talking with tenants, many of whom he assumes will be delinquent this month because they either lost their jobs or they're just choosing not to pay.
Jerry's a hard-working guy and he knows tha