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.