Hurricane Florence victim? You may be eligible for mortgage relief

Homeowners who have been impacted by Hurricane Florence have a valid “Natural Disaster” hardship.

Due to this hardship, there may be viable relief options available to homeowners from their mortgage companies, but homeowners may have no idea what is available and how to accomplish securing mortgage relief.

A two hour presentation for homeowners with a mortgage loan will cover the following:

First Hour ​​(55 Minutes)

  • Introduction
  • What Constitutes Disaster? C. Who Is Covered?
  • What Can Be Done?

Second Hour ​​ (55 Minutes)

What Documents Are Needed?

Where to Send Financial Packages?

What Is The Process?

How Long Should It Take?

What If Things Go Wrong?

Closing

Attendees will receive additional resources via email. Both the morning and afternoon sessions are the exact same information.

The same event twice is offered twice:

Saturday, Nov. 3, Garber Methodist Church, 4201 Country Club Road, Trent Woods.

Morning Session 9:30 to 11:30 a.m. Check-in and seating beginning at 8:30 a.m.

Afternoon Session 1:30 to 3:30 p.m. – Check-in and seating beginning at 12:30 p.m.

Seating is Limited – Register via Eventbrite or call 252-474-8288

Homeowners with a mortgage who have damaged homes and/or are displaced from their homes may be eligible for mortgage relief.

● This will not help renters.

● This will not help homeowners who own their home outright.

● The focus is on primary & secondary residences. This will not be a session for owners of

investment properties who need mortgage relief on investment properties.

Homeowners who have had a loss and/or interruption in employment because of the hurricane may be eligible for mortgage relief.

● Employer experienced damage during the hurricane and may be closed for repairs and/or closed permanently.

● Agricultural loss of crop, harvest and/or livestock from the hurricane.

● Self employed and/or work from home and unable to work because of home damage.

Who do you know that needs mortgage relief?

● Up to one year with no mortgage payments

● No late fees

● No delinquencies reported to the credit bureaus

● The ability to negotiate how to catch up on payments without making a balloon payment.

Types of available assistance:

Moratorium​​: legal authorization to delay payment of money due or to suspend an activity.

This workout option is typically used for disaster.

Repayment​​: the most common relief is a repayment plan. This is a written agreement that allows the homeowner to bring the loan current within a given period of time by making scheduled payments toward the delinquent amount in addition to regular monthly payments.

Forbearance​​: the mortgage servicer, insurer and investor agree to delay foreclosure or other legal action in return for the homeowner’s promise to pay the debt by a specific date.

Modification​​: written agreement permanently changing one or more of the original terms of the mortgage note: type, rate, term or capitalize delinquency.

Julia Iden, Guest Speaker

Julia Iden is the founding partner of Advance Mortgage Education Incorporated.

She started working in the mortgage industry in 1987. Her career has mainly revolved around defaulted mortgages and helping limit the losses caused by default. She held positions as a claims auditor, loss mitigation negotiator, and corporate default manager for GE Mortgage Insurance Company. Prior to starting Advance Mortgage Education, Iden worked as the loss mitigation consultant for Federal Home Loan Mortgage Corporation, one of the largest mortgage investors in the country. She spent three years on-site in Washington Mutual’s loss mitigation department managing the Freddie Mac delinquent portfolio.

October 30th, 2018 by
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