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Saving Deals With Student Loans – Debt Ceiling Consequences for Borrowers with Student Loans
Schedule a discover call here if you would like me to build out a content strategy for you - https://calendly.com/scottschang/llp-content-strategy Thank you to everyone that attended this class live. For those of you that are watching the replay, you're in for a treat! We had a special guest this week, Geneine White, with LoanSense. 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 debt 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. But what if the student loan payment that now "popped" up in their DTI pushes their ratios out of range for financing? 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 class, we discuss the urgency of being an expert on this topic and how to leverage your LenderLaunchPad platform to educate Consumers and Realtors about what options may be available to them. Watch this incredibly insightful conversation in the Library. Review the slides included in this presentation, and reach out to Genene at LoanSense for more information about how you can arm yourselves with the tools and the education to help the thousands of hurting families in your market. Here is Genene's contact information: lender.myloansense.com genene@myloansense.com 734.361.3520
How to be a HELPER Act Ambassador
Schedule a discover call here if you would like me to build out a content strategy for you - https://calendly.com/scottschang/llp-content-strategy Thank you to everyone that attended this class live. For those of you that are watching the replay, you're in for a treat! Sam Royer, the founding father of the HELPER Act, joined us to share how this movement started and how we can get involved as Ambassadors to push this important legislation over the finish line. If you're not familiar with HELPER Act, it is a modification to the FHA mortgage insurance fund to provide First Responders and Teachers the same benefits as Veterans when it comes to homeownership benefits. Benefits Overview - No Down Payment FHA Loan - First Time Homebuyers - Increased UFMIP, No Monthly MIP Who's Eligible? - Police Officers - Firefighters - Paramedics / EMTs - K-12 Teachers We will be rolling out assets and opportunities for you to become an Ambassador for this bill to join the fight to get this bill passed in the House and Senate. The newest bills, H.R.3170 and S.1514, were introduced on May 10th, 2023, and have bipartisan support, but we need more help! 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 Mark Madsen and I are working on a HELPER Act Action Strategy to provide you information, updates and assets to take to your community as an Ambassedor for this Bill. In the meantime, you may contact either of us, or the founding father of the HELPER Act, Samy Royer. Sam Royer sam@salutehomeloans.com 610-703-5626 George McElwee owns the Washington D.C. lobbying firm Commonwealth Strategic Partners and is leading the charge in making connections between us (constituents) and representatives on the Hill. You can learn more about George and his firm here - http://commonwealthstrategic.com/ Here is a promotional video that Senator Rubio and Congressman Rutherford did for the first version of the bill, originally introduced in 2021 - https://www.youtube.com/watch?v=QsFppJCH-08 You can find more press coverage on the HELPER Act here - https://thewilbertgroup.coveragebook.com/b/6eb8a85616435993 NEW ChatGPT Feature! You can now share a link to a GPT Chat thread. Here are the prompts for the Content Strategy to create awareness around the HELPER Act - https://chat.openai.com/share/92805375-5f9e-46e0-aa9f-3785d4f7090b
Become a FMWH Expert Network Rainmaker
Schedule a discover call here if you would like me to build out a content strategy for you - https://calendly.com/scottschang/llp-content-strategy