Many people don’t know about the home retention options available to them. At Sternberg Law Group we will work with you to find the right option for your unique circumstances.
For individuals who have had financial hardship tied to the coronavirus pandemic, many mortgage companies are offering an option to Delay Your Payments. The details of this delay depends on the type of loan you have. For example, under the federal CARES Act, you can ask to delay your mortgage payments for up to 180 days if you have a financial hardship related to coronavirus, often with the option to renew for an additional 180 days.[iii] Many private mortgage companies have offered similar options.
How this money eventually gets paid will also depend on the type of loan you have. Forbearance is often combined with a reinstatement or a repayment plan to pay off the missed or reduced mortgage payments when your financial situation has stabilized. If you refinance before the loan term ends, those skipped payments would be added to the principal of the new loan for example.
There is so much to keep track of, which is why it’s important to work with experts like the attorneys at Sternberg Law Group who can help you know all options you qualify for. For example, under the federal CARES Act mentioned above, there is no threshold for how great the financial hardship has to be in order to request a delay of payments. Additionally, when making a request for mortgage forbearance, it’s important to get the agreement in writing from your servicer that goes over how the program will work. There are also options for individuals who are finding their servicers difficult to work with. These are difficult times for many, but you are not alone.
Forbearance programs and foreclosure moratoriums in place since the beginning of the coronavirus pandemic have largely held off a wave of foreclosures in the U.S. Unfortunately, the indefinite impact of the coronavirus pandemic could lead to a surge in the number of people experiencing homelessness during and after the pandemic due to job losses that place those already barely keeping a roof over their heads at an even greater risk of eviction and homelessness. If you are worried about making current or future payments, contact us now.
We understand that these are incredibly difficult times, with so many unknowns; we are here to help you know your home retention options and take advantage of the option that works best for you and your family. Sternberg Law Group has helped hundreds of homeowners get back on track with their mortgage payments and avoid homelessness. Contact Us today to request a free attorney consultation to find out how we can help you
[i] https://therealdeal.com/la/2020/09/10/in-socal-seriously-delinquent-mortgages-are-on-the-rise/
[ii] https://www.cnbc.com/2020/09/11/coronavirus-mortgage-bailouts-decline-but-new-foreclosure-crisis-could-be-coming.html
[iii] https://www.latimes.com/business/newsletter/2020-05-19/mortgage-payment-relief-coronavirus-business
COVID-19 Mortgage Relief Info