Date: December 18, 2020Author: Joshua Denbeaux
I have been preaching for months about the crucial importance of obtaining CARES Act forbearance on your mortgage loan, if you are eligible. Here is the post explaining eligibility and how to obtain the forbearance: https://denbeauxlaw.com/is-a-mortgage-forbearance-under-the-cares-act-right-for-you
And here is a post from October explaining that if your mortgage is eligible for a forbearance, you can get it even if you are on the verge of a sheriff sale: https://denbeauxlaw.com/the-cares-act-can-save-your-home-even-if-your-house-is-up-for-sale
The problem is, the right to forbearance under The CARES Act ends in two weeks. It is gone as of December 30, 2020. It is time to ACT!
I used the CARES Act forbearance. The downsides are very, very minimal, near to zero.
This recent Bloomberg article hammers home the point, too: https://www.bloomberg.com/news/articles/2020-12-15/more-u-s-mortgage-borrowers-start-to-seek-loan-forbearance
The number of homeowners looking for help on their mortgage is increasing. Only about 7% are using The CARES Act forbearance … very unfortunate … hopefully I can convince some of you to look into this.
The point of the Bloomberg piece, though, is that the number of people looking for help on their mortgage loan is often a precursor to an economic problem in the near future.
Please, PLEASE get ahead of the curve. If you are eligible for The CARES Act forbearance, exercise your right!
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