Forbearance or not to forbearance?
I spoke to someone in my family the other day, and she mentioned that her bank didn’t tell her that her credit would be affected by a forbearance agreement.
It’s unfortunate that banks are miscommunicating this fact to their borrowers. Some of them are getting a rude awakening that their score dropped 50 points and they can’t refinance.
I spoke with a client last week, and he said that he’s working with a loan modification company who said that they could eliminate his arrears. Whether that’s true or not, who knows. I’m definitely rooting for them to do that for him, but the reality is that most banks are tacking the arrearage onto the loan.
I’ll post more information on this as I gather more research.
All paths start with gratitude
Benjamin Franklin said, “We must be happy with what we’ve got when we’re in pursuit of what we want.”
I might be paraphrasing that a bit, but the message still reigns true. I’ve been doing mindset work for over 9 months now, and there are 3 things that are common among all practitioners of mindset and personal development:
Be grateful
What we focus our energy on is what we create in our lives
Be consistent
One important thing I would add to that list is to help others.
I recently listened to a Gary Vee podcast episode, and he mentioned that people get burnt out and miserable because they need more gratitude and patience. Tony Robbins has said, “The cure to suffering is to replace your expectations with appreciations.”
What the heck does this have to do with real estate? It has everything to do with everything. Real estate is a medium that can have a huge impact on peoples’ lives. We appreciate every opportunity to help our clients. We are incredibly grateful for the ability to solve our clients problems and help them move onto the next step on their paths, whether that’s getting an unwanted property off their plates, saving their credit from foreclosure, finding a new home for them, or giving them the means to care for their families and invest in more properties.
All of us are on different paths at different speeds, but we can all be well on our way by beginning each path and each day with gratitude.