facebook-squarelinkedin-squaremenumobiletwitter-squareyoutube-square

Mortgage Forbearance | How It Works Under Cares Act

Mortgage Forbearance | How It Works Under Cares Act

How Does Mortgage Forbearance work under the  United States Treasury Cares Act?

Being Licensed Washington State Attorneys practicing bankruptcy and mortgage mediation law in Bellevue and Seattle, WA. we often get asked about how mortgage forbearance works under the United States Treasury Cares Act. In a Media Release on April 3rd, 2020 the CFPB or
Consumer Financial Protection Bureau released a video on How the mortgage forbearance works under the cares act.

Due to the Covid-19 Outbreak, many mortgage lenders are offering Forbearance assistance. Forbearance means your mortgage lender or bank may be willing to pause or reduce mortgage payments for a limited period of time. It does not eliminate your payment or erase what you owe on your mortgage. With a mortgage forbearance missed or reduced payments must be repaid at a future date.

It is recommended that if you are able to make or keep up with your home mortgage payments, do so. A forbearance only delays the payments to a future time when you’ll have to make them up on top of your normal mortgage payments.

Here is the video regarding How Mortgage Forbearance Works Under The Cares Act that was released by the Consumer Financial Protection Bureau or CFPB.

For information or questions regarding legal assistance for your home mortgage, mortgage mediation, mortgage modification or bankruptcy in Washington State including King, Snohomish and Pierce counties and the cities of Bellevue, Seattle, Everett, Tacoma, Olympia, and Western Washington:

If you have any legal questions regarding mortgage forbearance with your mortgage lender or bank, please give us a call. We may have some insight into different legal options for you besides forbearance including mortgage mediation or possibly even bankruptcy. When we have additional information regarding your unique financial situation then we can discuss your legal options.

Contact Advantage Legal Group in Bellevue at 425-452-9797 

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Taxes and Student Loans in Bankruptcy

    Taxes and Student Loans in Bankruptcy

    Taxes and Student Loans in Bankruptcy There are certain kinds of debt that can be discharged in bankruptcy. A Chapter 7 bankruptcy is a great way to reduce or eliminate many debts.  A Chapter 7 bankruptcy can help discharge credit card debts, medical debts and many other types of unsecured debt.  A Chapter 7 bankruptcy […]Read More »
  • What Do You Lose If You Declare Bankruptcy?

    What Do You Lose If You Declare Bankruptcy?

    If you are reading this, you probably know what it means to claim bankruptcy and is looking to find consequences. On the flip side, there is you who sauntered onto this article unbeknownst of what ‘bankruptcy’ means. I will keep you both in mind through this. Shall we? Bankruptcy is the legal process that involves […]Read More »
  • How Much Do You Have to Be in Debt to File Chapter 7 Bankruptcy?

    How Much Do You Have to Be in Debt to File Chapter 7 Bankruptcy?

    How much do you have to be in debt to file Chapter 7 Bankruptcy? Are you neck-deep in debt? Are you considering filing up for bankruptcy? When you think of filing up for bankruptcy, do selling off your assets come to mind? If your answer to these questions is a yes, then you need to […]Read More »
  • Can Mortgage Forbearance Hurt Your Credit?

    Can Mortgage Forbearance Hurt Your Credit?

    Can Mortgage Forbearance Hurt Your Credit? and why As we all know, the world is currently experiencing a financial downturn due to the ongoing pandemic, which has directly affected millions of jobs. As such, a lot of homeowners are bothered concerning their mortgage payments. There have been some incentives by mortgage providers to soften the […]Read More »