A short YouTube real-estate update (speaker T.J.) warning homeowners about mortgage forbearance risks amid high unemployment during 2020. T.J. emphasizes that many people are unemployed (cites '30 million' in the U.S., '3.4 million' in Texas), that roughly '3.8 million' homeowners are in forbearance, and that forbearance programs may expire (noting September as an endpoint). The speaker urges unemployed homeowners to contact them for help, warns of potential foreclosures and opportunistic buyers, and stresses preparation and downsizing options.
Questions this video answers
September 6, 2020
30 million
3.4 million
3.8 million
September (speaker references 'that program is going to run out September')
Chapters
Foreign.
You know, it seems like nobody understands what I'm saying until I start cussing.
I'm so upset this morning because I don't know why this is even on my heart, because I'm good. There are 30 million people who are unemployed in the United States who have unemployment benefits.
There are.
3.4 million people.
In Texas alone. There are 3.8 million people who own houses who are currently on forbearance on a forbearance program.
You are not safe. You are not safe. You think you're safe, but you are not safe. So I put out a plea yesterday that if anybody knows someone who is currently unemployed or you know.
Who may need help with their home to contact me. My cousin shared it, maybe one other person, but that was about it. These people are going to end up losing their houses. And it's crazy. I've been through this before. I'm the person that's trying to help people. But there are going to be a whole bunch of vultures out here getting these foreclosures. And guess what? You know, I'm thinking about just turning the tide and just, you know, I've gone broke before. Hey, maybe it's somebody else's turn to just go broke. And that's the, that's the cycle of life. And I, I get that. But even if you have to go broke, you. You don't have to go down to your draws broke like I did. You can walk away with some of your equity. It just doesn't make sense if, if you're on a forbearance program and your lender has you on a forbearance program. Cool, that's great. Good for you. However.
That program is going to run out September all four. A lot of forbearance programs are schedule to end.
There. They will probably extend that. But if you are not working.
They do a partial claim where they put it at the back end of your loan. That's good. But if you are not working for a specific amount of time and you don't know when you will get a job again, you are at risk of losing your house. More than likely you need to downsize. So. But there are ways around that even still that I know of that I can help you with. But if you don't call me baby, it ain't nothing I can do. And it's just crazy how people will buy get rich stuff. They'll buy all kinds of and won't find out how to prepare for what's about to happen. Just preparation, preparation. So that at least you'll know.
I'm gonna have to leave it alone. I'm gonna have to leave it alone. I've written a whole book about it. People buy everything else.
But you spent a hundred thousand dollars to half a million dollars on your house, and it's not worth $45. That shit is crazy to me anyway. Even a phone call. Even, you know, just getting in touch with me and saying, hey, T.J. i'm out of work. I have a house. I really don't know what to do. Can you help me? I don't know what's coming, but I want to make sure I'm straight. That's hard.
That's hard. That's crazy to me. I don't. I don't want. I don't get it. I don't. I don't get it.
Can somebody below please help me understand this? God bless.
