Cash Flow Guys Podcast

In this episode I’m going to talk about some of the pitfalls regarding mortgage relief programs that are in play lately.  A term I hear often is “forbearance” which leads some people to believe they are going to not have to worry about paying their mortgage...this is FALSE. A forbearance is defined by Google as “the action of refraining from exercising a legal right, especially enforcing the payment of a debt.” Note that the above definition says nothing about forgiving debt, instead it involves the lender’s ability to choose to refrain from taking legal action. Many borrowers are being told by the “Facebook Expert Team” that they can call their lender and then be able to skip a couple of payments.  The reality is that although the lender may agree to avoid using legal remedies to collect a couple of late payments, however, those payments remain due and can be demanded in a short as a couple of months! Imagine thinking you were off the hook, and then you get a bill in the mail for several months mortgage paym