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Mortgage Forbearance | How It Works Under Cares Act

Posted on April 6, 2020June 19, 2020 by admin

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

Should I Hire a Lawyer for a Mortgage Mediation or Foreclosure?

Posted on February 26, 2020February 27, 2020 by Jonathan Smith

Should I Hire a Lawyer for a Mortgage Mediation or Foreclosure? – If your lender has failed to approve previous effort to modify your loan, often mediation is the best way to go. What is mediation? Foreclosure mediation is a meeting where a homeowner and mortgage lender negotiate potential modifications or other alternatives before an impartial Judge in an attempt to reach an agreement. And this kind of mediation requires the expertise of a lawyer.

Why hire a lawyer? The most common question asked when someone is facing foreclosure is, “What will give me the best chance to avoid this?” Although circumstances involved always vary greatly, the answer ALWAYS remains the same. And that answer is this, ” to fully and most completely use all your rights and remedies including foreclosure defense, loan modification, mortgage mediation, and bankruptcy, you MUST be represented by a foreclosure lawyer…an EXPERT foreclosure lawyer.”

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You need a lawyer with TONS of experience and you need one NOW. So, be sure to ask your potential representation how long they’ve been representing clients like you, how long their practice has been devoted to foreclosure prevention and then review evaluations of recent clients. Remember, get to work on this immediately as delay, indecision and denial are the enemies of foreclosure prevention.

Beware of scams and make sure your lawyer is an expert. Anyone who generally guarantees they’ll save your home is either a scam artist or ignorant or both. Additionally, the person at the bank may be a brand new hire who knows nothing or someone who actually knows what they’re talking about. Either way, the next time you call, you may get the new hire. You want an expert, the same expert, and throughout the whole process.

An expert can help you understand the debt and tax consequences of a short sale, protect you from pitfalls and scams, assure you that, should foreclosure happen, you have the right to stay in your home for as long as your rights and remedies allow and enable you to plan where you’ll live next without fear of the sheriff showing up and ordering you to leave. An expert lawyer can also, in most cases, help you to be debt-free when you leave should foreclosure be inevitable in your case. And of course, an expert lawyer can help you come to an agreement with your lender that avoids foreclosure altogether.

Yes, these kinds of lawyers can be expensive but hiring an expert almost always benefits you not only financially but emotionally. The benefit of avoiding the loss of your home is obvious. But should you lose your home, remember, as mentioned before, there are pitfalls and scams to avoid and knowledge to be learned about debt and taxes that come with certain mediation agreements.

To contact an expert representative today, visit Advantage Legal Group.

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What to Do After Filing for Personal Bankruptcy

Posted on February 20, 2020July 24, 2020 by Jonathan Smith

What to Do After Filing for Personal Bankruptcy

Many people feel like absolute failures after filing for bankruptcy. Therefore, you may be surprised to learn that it’s actually becoming more and more common and that YOU’RE NOT ALONE. Bankruptcy happens to the answer for many debtors who simply need a fresh start. Now, the question is, “what do I do now to ensure future financial health?”

The first thing to do is decide what made you have to go bankrupt in the first place and keep that from happening again by setting a budget in place or some other plan that can keep history from repeating itself. You may also want to set some goals such as paying off debt or rebuilding your credit. Good credit will take time to acquire but by paying off your credit cards monthly, your credit can dramatically improve in under a decade.

Probably the most important thing to do is think positively. It may be difficult to obtain credit after bankruptcy but it’s not impossible. Many lenders are willing to give people a second chance. Additionally, working with a professional who offers services to help with debt and finance can help you through the recovery process.

A professional can also help a debtor decide if Chapter 7 or Chapter 13 bankruptcy is best for them. So, if you’re currently deciding whether to file for bankruptcy contact a professional today. Chapter 7 bankruptcies can be resolved in months whereas Chapter 13 bankruptcies allow debtors to set up a court-ordered payment plan. Plain and simple, bankruptcy can be the best way for a debtor to regain control of their financial life and get a fresh start.