If the Corona Virus Pandemic is affecting your ability to pay your mortgage it is critically important that you contact your mortgage lender and request a mortgage forbearance. If you have a mortgage which has been purchased by Fannie Mae or Freddie Mac or which is insured by HUD, VA or the USDA, under the CARES Act you are entitled to a 180 day forbearance arrangement. You must request this forbearance, it will not be automatically granted to you. The CARES forbearance program provides for 180 days of forbearance from making mortgage payments for those who have experienced financial hardships as a result the Corona Virus Pandemic. The CARES Act also prohibits foreclosure on all federally backed mortgages for the 60 day period beginning March 18, 2020.
If you have a conventional mortgage you must contact your lender and inquire as to the type of forbearance program that they have available. These lenders are not required to grant you a forbearance, however, most have some type of forbearance programs available.
If you find that you are not eligible for a forbearance please contact this office to discuss whether or not filing a Chapter 13 Bankruptcy might be a useful option for you.
Our office, Stephen M. Goldberg, PC, can be reached at 732-752-8834.