If you live in New York, and you’re your mortgage forbearance is about to expire, the are a number of things need to know.
Running Out of Time
If you entered into a mortgage forbearance program last year (whether it was COVID-19 related or not), your forbearance is rapidly coming to an end. And that means you have to figure out a way to repay the 6, 12, or 18 months of back mortgage payments you now owe.
On the positive side, thanks to the CARES Act, banks aren’t allowed to demand all your missed payments as one lump sum. Nor can they charge any additional interest, fees, or penalties. And, since you were part of a lender approved forbearance plan, they can’t report the missed payments on your credit report. But you are still going to have to deal with your program ending.
Are You Able to Pay Your Monthly Mortgage Payments?
If you entered a mortgage forbearance program due to losing your job because of the pandemic, and are now working again, you‘ll have a number of options:
Are You Still Struggling Financially?
If your forbearance program is ending and you don’t think you can start paying your monthly mortgage payments, there are still things you can do.
What to Do Next
Since there are so many variables, the best option you have is to contact a lawyer experienced with foreclosure defense, distressed mortgages, mortgage modifications, short sales, foreclosure avoidance, and negotiation/debt settlement.
Reach out to New York attorney Ronald Weiss for a free consultation. He can guide you through the available options for your specific needs. Working together, you can find the right choice. Ron can get the process started and will be at your side the whole time. Call 631-271-3737 and take the first step to a fresh start.