Michele Hendershot offers helpful tips for homeowners

Michele Hendershot offers helpful tips for homeowners
By: Robert Foreman

As businesses around the nation are shuttering due to quarantines, millions of Americans are facing an uncertain future with a struggling economy. This is especially true for those who have been laid off from their jobs and are wondering how they will pay their bills, including their mortgage. Michele Hendershot of Homebridge understands these concerns and she is offering helpful tips for homeowners trying to navigate these turbulent times.

“I just wanted to give a little insight on what’s happening with the market right now. I know you probably hear a ton of things about getting money back; about being able to get zero percent interest rates. I’m here to tell you that most of the stuff that you’re reading on the internet is probably 5 percent true,” said Hendershot. “The zero percent interest rates, which are actually the negative rates that are out there now, are actually being used for short period debt like car loans and credit card debt. Because everybody is so afraid that people aren’t going to pay anything.”

Hendershot added that within the last two weeks things have started to come to a head in regards to loans. She noted that lenders were able to do loans for people who had foreclosures within the last two years, or had credit scores of 550 or 580. Yet, the shutdown of the economy has forced credit scores to be raised to 600 or 640, jumbo loans are now few and far between and the PBA loans are, temporarily, being cut.

Hendershot stressed that with interest rates being low, that now might be the right time for some people to refinance and save some money and pay off credit cards. However, she warns people to be careful before rushing to make a decision to refinance.

“My last point to touch on is the mortgage relief that the media loves to talk about. Yes, actually all of the companies out there are honoring it, but they’re not honoring it a way that you would think. So, when they say that they have 3 months, or 90 days, forgiveness for the payments please ask the questions and read the paperwork,” said Hendershot. “Because these loans that they’re doing, yes they’re going to forgive it for 90 days, but guess what? No one is just going to pay it. The lenders themselves are fronting the money. So, what’s going to happen, depending on the lender, will be that you’ll either have to pay the 3 months upfront. Or have that money, with interest, rolled into your loan payments for a year and that’s going to make your payment even higher.”

Hendershot advises people to do their best to keep their payments up, if possible. She added that people are welcome to reach out to her for advice and possible assistance.

“If you have any questions about what the market is doing and what you can qualify for, what you can’t qualify for, I’m here for you. Call me. Maybe I can help you. If you did a refinance, you’d have two months off to save some money. But I’m not going to do a refinance or anything if it doesn’t make sense,” said Hendershot. “But before you don’t make that payment, or before you don’t want to be on the phone with your current lender for 4 or 5 hours and then just get crazy about it, call me. I’m literally here 24/7 to help you guys get through this and to answer any questions. I am your biggest supporter and happy to be part of your team. And I hope that when the dust settles, and we get through this, I hope to be able to come out and see you guys more often. So, please, give me a call with any questions at (973) 464-7119. Stay safe.”

Michele Hendershot, a New Jersey native with over a decade in the mortgage industry, specializes in first-time homebuyer and 203(k) renovation loans. She is active within the law enforcement community and often attends PBA meetings and fundraisers.