Attention Homeowners: Prepare for the Resumption of Student Loan Payments

⚡️ AN IMPORTANT UPDATE Federal student loan payments that were paused since March 2020 are resuming in October 2023. This additional monthly expense could put financial pressure on many households, including yours. ⚡️ WHAT YOU NEED TO KNOW ➖Student Loan Payments Resume: The pause on federal student loan payments is ending, and if you have these loans, you need to be prepared for an additional monthly expense. ➖Financial Pressure for Homeowners: As a homeowner, managing your budget is crucial, and this added financial obligation can be significant. ➖ Homebuyer Affordability: As a homebuyer, your student loan payments could be robbing you of tens of thousands of dollars in purchasing power! Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote ⚡️ THERE IS HOPE! Don’t worry; there are ways to make this transition smoother. ➖ Income-Driven Repayment Plans: You can adjust your student loan payments based on your current income, potentially reducing your monthly payment. ➖Student Loan Forgiveness Programs: Some programs, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness, might allow your student loans to be forgiven. ⚠️ WARNING: BEWARE OF SCAMS ⚠️ Be cautious of companies that offer to consolidate your federal student loans into private loans. This switch will make you ineligible for federal protection programs and forgiveness options, including complete debt forgiveness. Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote ⚠️ THE "SAVE" PLAN AND IT'S ON-RAMP: A DOUBLE-EDGED SWORD ⚠️ INTEREST ACCUMULATION RESUMES The administration's "SAVE" plan, designed as an "on-ramp" to ease borrowers back into repayment, will indeed shield borrowers from immediate repercussions of missed student loan payments. However, there are key points to consider: ➖ Unlike the payment freeze period under the CARES Act, interest will begin accruing again on your loans, potentially adding to the overall loan balance. ➖ Lenders may still view missed payments as being late, preventing you from qualifying for a mortgage loan to buy or refinance a home. ⚠️ THE HIDDEN RISKS OF MISSING PAYMENTS ⚠️ The "SAVE" plan provides a grace period where missed payments during the first year won't be reported to credit agencies or debt collectors. But this relief is not as straightforward as it seems: ➖ If you are trying to qualify for programs like the Public Service Loan Forgiveness or hoping for debt discharge after a significant payment period, you must continue making payments during the on-ramp period to work towards these goals. ➖ Missed payments, although not reported as late to credit bureaus, can still impact future credit approvals. For instance, if you're seeking to qualify for auto or home loans, these unreported missed payments may prevent you from qualifying. Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote ⚡️ RECOMMENDATIONS AND CONSIDERATIONS With these complexities, it's crucial to approach your student loan payments with full awareness and planning: ➖ We advise borrowers to keep up with their payment schedules if possible. ➖ If you're uncertain about how these changes might impact your financial situation, reach out for professional assistance. Remember, every situation is unique and calls for careful consideration. Understanding your financial situation and having the most up-to-date information is key in these challenging times. Together, we can navigate these complexities and make informed decisions for your financial future. Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote ⚡️ "FRESH START" INITIATIVE: A NEW OPPORTUNITY FOR DEFAULTED BORROWERS ⚡️ ⚡️ QUALIFICATIONS FOR THE FRESH START PROGRAM The "Fresh Start" program is set to help borrowers who defaulted on their federal student loans prior to the pandemic. Its benefits are extensive, but it's important to note the specifics of eligibility: ➖ According to federal data, approximately 7.5 million borrowers with federal student loans in default could qualify for the program. ➖ Eligible loans include direct loans, government-held Perkins loans, government-held FFELP loans, and privately held FFELP loans. ➖ Loans ineligible for the program include private student loans, school-held Perkins Loans, Health Education Assistance Loan Program loans, loans under the purview of the U.S. Department of Justice, and Direct loans and commercially held FFELP loans that default after the end of both the student loan payment pause and the pause on collections. Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote ⚡️ HOW TO BENEFIT FROM THE FRESH START PROGRAM To enjoy the full benefits of the Fresh Start program, enrollment is required before September 2024. You can apply through these methods: ➖ Online: Sign up at https://myeddebt.ed.gov. ➖ By phone: Call the Default Resolution Group at 1-800-621-3115. The process should take no more than 10 minutes. ➖ By mail: Write a letter that includes your details and the sentence: “I would like to use Fresh Start to bring my loans back into good standing.” Address your letter to: P.O. Box 5609, Greenville, TX 75403. Borrowers should update their contact information on their loan accounts to avoid missing important notifications. ⚡️ IMMEDIATE BENEFITS: NO ENROLLMENT REQUIRED Several benefits are immediately available under the Fresh Start program, even without enrollment: ➖ Access to federal student aid and other government loans: Schools are being advised to allow defaulted borrowers access to federal student aid, which includes federal loans, work-study, and Pell Grants. ➖ No collections until Fresh Start expires: All collections activities on federal student loans in default are suspended until the Fresh Start initiative has ended. ⚡️ ADDITIONAL BENEFITS: ENROLLMENT REQUIRED Once enrolled in the Fresh Start program, you'll unlock more benefits: ➖ Improved credit reports: The default mark on borrowers’ credit reports will be removed. Additionally, loans delinquent for more than seven years and the "default" flag from the CAIVRS federal database will be removed. ➖ Restored access to repayment options and forgiveness: Borrowers in good standing can access income-driven repayment plans and work towards Public Service Loan Forgiveness (PSLF). ➖ Access to short-term relief: Re-entering good standing enables defaulted borrowers to access short-term student loan relief like temporary payment forbearance or deferment. Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote ⚠️ CAUTIONS AND FUTURE PROSPECTS ⚠️ Bills will start being due in October 2023, so new defaults could start occurring as early as June 2024. If a borrower re-defaults, their quickest way out is through student loan rehabilitation. Remember, genuine student loan help organizations won't call, text, or email borrowers with offers of debt resolution. Avoid “debt relief” companies that promise immediate student loan forgiveness. Always approach vetted student loan help resources for information, advice, or both. ⚡️ HOMEOWNERS: IT'S TIME TO EVALUATE ➖ Review Your Debt: Examine your credit card debt, adjustable-rate lines of credit, and your current mortgage rate. ➖ Understand Interest Rates: Calculate the combined interest rate on your debt to make informed decisions. Refinancing your home may be an option, but it is not suitable for everyone. ⚡️ HERE'S HOW TO PROCEED ⚡️ 1. Contact Me for Guidance: We will detail your financial situation. 2. Discuss All Available Options: I will present you with all the options, including repayment plans and forgiveness programs. 3. Make Informed Decisions: With comprehensive information, you’ll be empowered to make decisions that benefit your family's financial health. ⚡️ LET'S WORK TOGETHER FOR FINANCIAL STABILITY ⚡️ The resumption of student loan payments is a significant change, but it's manageable with the right information and planning. By understanding your options and making informed decisions, you can maintain financial stability for your family. Take the necessary steps now to secure your family’s financial future. With preparation and guidance, you can successfully navigate this transition. Your family’s financial well-being is a priority. Take action today. Calculate Your Income-Based Payment - https://myloansense.com/c/rebecca-foote

How To LOWER My Student Loan Payments …So I Can Purchase A Home

In less than two months, every American with a Student Loan will have to start making payments again after three years of being forced into administrative forbearance. As quickly as the payments were shut off.....they're being turned back on! This is bad news for anyone with student loan debt. Inflation is already squeezing most families. Credit card interest rates and balances are at historic highs. Delinquencies on mortgage and non-mortgage debts are increasing. This is going to be a burden that many families are not going to be able to absorb. The answer for most homeowners finding themselves in this situation is to use the equity in their home to consolidate all of these expenses into an overall lower monthly payment. And what if you’re a first time homebuyer but you can’t afford a new mortgage with your current student loan payments? The simplest answer is to put their student loans into an income-based repayment plan. You can legally and quickly dial in those student loan payments, cutting that expense in half or more in most cases! ⚡️ But BEWARE! Private student loan consolidation companies are going already hitting the airwaves and the internet, tricking consumers into removing their loans from federally protected programs that can help them into a big fat "credit card" payment that will lock them permanently out of the benefits, and forgiveness programs available through Federal Student Loan repayment programs. ⚡️ In this video, Rebecca is going to show you how to lower those student loan payments so you can increase your buying power to purchase your first home, move up to a bigger home, and consolidate all your debt, increasing your monthly cashflow. Are You Ready To Increase Purchasing Power by Lowering Your Student Loan Payments? ➡️ Use this calculator to estimate how much more you can qualify for on your next home loan by reducing student loan payments. ⚡️ Need results fast? ⚡️ We specialize in helping borrowers that are looking for a mortgage now. Typical processing times are 30 days or less. Let’s get started!

The HELPER Act of 2023: First-Time Homebuyer FHA Loan with NO Down Payment

There is a bill in Congress right now that could change the lives of the people who help us all the most. The HELPER Act of 2023 is a home affordability bill that gives teachers, first responders, and law enforcement officials access to a loan similar to what Veterans receive. The HELPER ACT has huge bipartisan support and could be voted on as early as October 2023. Check out these benefits of The HELPER Act: - 0% Down Payment - NO Monthly Mortgage Insurance - NO income limits - NO location limits - It's an FHA loan, so it allows for higher debt-to-incomes and lower credit scores. And best of all...you can use The HELPER Act mortgage with local down payment assistance programs and Rebecca's Homes for Heroes discount! This video shares details about the Homes for Every Local Protector, Educator, and Responder program including who's eligible, how to apply, and when it will pass into law. Here are the resources I talk about in the video: House Bill - H.R.3170 - https://www.congress.gov/bill/118th-congress/house-bill/3170/text?s=1&r=5&q=search3170 Senate Bill - S.1514 - https://www.congress.gov/bill/118th-congress/senate-bill/1514?q=search1514&s=1&r=2 To received updates as this bill makes it way into law sign up here: https://helper-act-06052023.secure-cl...

3 Myths Of A VA Loan YOU Must Know!

Are you a seller that’s hesitant to accept an offer from a buyer using a VA loan? In this episode of Homemade PA, I want to set the record straight regarding some common misconceptions about VA loans. We’ll debunk these myths to give buyers peace of mind when accepting a veteran’s offer using this loan program. See if I am Eligible❓ https://lynx.ly/cf7169d0