Brett Carella Estate Lending at Vault Mortgage Group

This is EXCELLENT news from those who took some of the earliest measures to ensure public safety...hopefully a blueprint for us here in Los Angeles. Thank you Gregg Lynn for this testament to perseverance and hard work through even the most challenging times.

Some GOOD NEWS for all REAL ESTATE PARTNERS. Normal business practices are an obvious challenge right now and not being able to show homes/take meetings is hurting everyone's bottom line. An extra $2400/mo for up to 4 mo helps those who need that assistance to stay afloat. We will get through this together...

Responsibility and Public Safety are still paramount but assuming LA County and Local Cities stand in agreement this is great news for our real estate partners. We will continue to find workable solutions and get through this together...

Some important information along with a super easy calculator. The more you know...

ATTENTION ALL AGENT PARTNERS AND FRIENDS: People use humor as a processing tool during stressful times. In this specific example we find some truth behind the words and it is important we don’t forget some valuable underlying considerations while everyone is solely focused on the remedies. The shutdown caused by COVID-19 will cause layoffs that cannot be helped and the effect of those employment gaps on lending has yet to be determined. More information will be provided as ...it comes. What really concerns me is the knee jerk reaction many will have to the $2 trillion stimulus package that passed the US Senate Wednesday. This allows homeowners hurt by the health crisis to postpone mortgage payments for up to 12 months. IMPORTANT: This is NOT loan forgiveness. The missed mortgage payments would still be owed and I am seeing many banks setting a 3mo period with payment due in full once that period ends (some even offering up to 12 mo repayment). That’s 4 full months all at once, something many borrowers will not be able to. MORE IMPORTANT: Even if repayed, banks require an uninterrupted mortgage payment history as a prerequisite to extending credit. Gaps in payments can be an immediate disqualifier so missing 3 payments (or any) would effectively penalize prospective buyers or homeowners for a minimum 12 month period once their last month of forbearance has been exhausted. As a result, the loan you may be seeking tomorrow would no longer be possible. BOTTOM LINE: As of today we have little clarity on this issue and it is merely hope that lenders will build in an exception to this period in time. If the forbearance is needed the answer is more clear. If seeking a forbearance is a matter of wanting to save some short term dollars, please stop and consider your medium to long term goals before opting in. DO NOT HESITATE TO CONTACT ME WITH ANY QUESTIONS. I am happy to discuss in detail. My CELL 310.601.6457 Available 24/7 PLEASE FORWARD TO ANYONE YOU FEEL MAY BENEFIT