15 May Holly Walther Lending Team: Fun Fact Friday – Forbearance Talks Continued
Holly: Hey guys, good afternoon. Happy Friday! It’s Holly and little miss Daisy. She’s ready for her weekend and we are here with your Fun Fact Friday. So last week we talked about Forbearance. And this week I wanted to continue with that theme. So guys, we not only have clients but you have friends and families. We have referral partners who that word is causing a lot of pain. We’ve had several incidences where referral partners have referred us clients whom have already listed their home, they’ve negotiated, they’re under contract, and they never mentioned to their real estate agent that they had called their servicing lender on their current loan and asked about the forbearance and what that means. Well, if you remember last week we discussed about how when that happens, 99% of the time the servicing lender is going ahead and putting that client in forbearance.
So now we have a domino spiral effect that’s really affecting our clients. So what happened with this particular incident, they have listed their house, it’s under contract, it’s sold. Then they call us to get pre-approved. And guess what? There’s that word: Forbearance. So now they have sold their house, they’re contractually bound and they don’t qualify for a new home because they made a mistake of making a phone call. So we know there are the circumstances out there where people need that and we support that a hundred percent. But what I urge you to do is have the facts and know how that could possibly affect you, your friends, your family, your associates, coworkers, anybody out there, you know. So have a great weekend. Call us if you need us and we’ll see you next week.