Don’t get played.
Mortgage servicers who are obligated to award CARES Act forbearance are facing what they perceive to be an existential crisis. If enough people demand their rights under the Act, the servicers will be faced with a MASSIVE annual hit because for the next year for everyone in forbearance the servicer has to carry all the costs of the mortgage, including insurance and taxes, without collecting any mortgage payments from its customer (you).
The servicers are in crisis?
Good.
I intend to bring the pain even more.
I Hear So Many Stories Like This
Chris, who is an attorney friend of mine and a guy who really knows his way around the law and is an experienced litigator in State and Federal courts, just called me. He requested Covid-19 Forbearance under The CARES Act. He needs some help right now. This pandemic economy is causing hardship at every level of the economy.
They lied to him, told him that he was only eligible for three months and after the three months he had to make a balloon payment.
LIES! DAMNED LIES!
He figured that that was probably wrong but he needed any help he could get, so he agreed.
THEN THEY SENT HIM A NOTICE OF INTENT TO FORECLOSE!!!!
That is a violation of his rights. That is a violation of the servicer’s obligation to its customers under The CARES Act.
If they report Chris late on his credit, they will have violated the Fair Credit Reporting Act, committed an act of Consumer Fraud and set themselves up for a Notice of Error and a following Real Estate Settlement Procedures Act lawsuit.
Filed by yours truly.
Mortgage Servicers Are Going to Try to Trick You!
Bottom line, servicers are going to lie to you, and they are going to try to trick you. They are going to violate your rights and they are going to violate the law in ways that I can sue them for you.
BUT ONLY IF YOU DEMAND YOUR CARES ACT FORBEARANCE IN THE NEXT TWO WEEKS.
After December 30, 2020 … it’s just too damn late.
