Once the mortgage forbearance is granted, you get to skip making payment for a set amount of time. Normally the time granted is 180 days with possible extensions of another 180 days. Under the CARES act 15 months of forbearances is allowed.What a forbearance doesn’t do is eliminate the money that is owed. You will have to pay the missed payment back at a later date.
We will have an attorney reach out to you.
Different banks and loan servicers have different criteria for repayment of missed payments under forbearance. And, depending what kind of forbearance it was different lays may apply.
For instance, under New York State Banking Law Section 9-X there are 4 alternatives for repayment of missed payments for mortgage forbearance.
Who is eligible for forbearance under the CARES Act?
1. If you have experienced financial hardship directly or indirectly due to the coronavirus pandemic; and
2. You have a federally backed mortgage, these include but are not limited to HUD/FHA, VA, USDA, Fannie Mae, and Freddie Mac loans.
When is the deadline for applying for a Forbearance under the CARES act?
If you miss the deadline to apply for a Forbearance under the CARES Act, you have other options.
1. You may qualify to refinance your loan with your bank.
2. You may be able to secure a loan modification if you do not qualify to refinance.
3. You may be able to apply for a forbearance under another law like New York State Banking Law Section 9-X.
4. You may be able to file bankruptcy and repay your arrearage over a 3 to 5 year period or qualify for a loan modification in bankruptcy.
5. These are not your only options, if you need help reach out to a HUD counselor or speak with an attorney about your options. One of Hud’s main functions is to have HUD agency approved Housing Counseling help consumers across the United Stated make informed housing decisions. The HUD Department has been doing this for more than 50 years to help homeowners navigate residential mortgage issues . (https://www.hud.gov/program_offices/housing/sfh/hcc )
What are the criteria for getting a forbearance under New York State Banking Law Section 9-X ?
1. The home must be your primary residence and be located in New York.
2. Your “banking organization” must be a New York regulated banking organization or a New York regulated mortgage servicer.
3. You must have suffered a financial hardship as a result of the COVID-19 pandemic.
4. Your loan should mot have been in foreclosure or accelerated prior to March 7, 2020.
5. The time line to apply started March 7, 2020 and is schedule to end when the state of emergency is lifted.
If you do not qualify under New York State Banking Law Section 9-X, you still may qualify under the CARES act to get a Forbearance or have other options you can explore.
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You can search Google, Twitter, Facebook, Reddit, or other places online for days looking for information that specifically applies to you as a homeowner. You can hear reporting about Governor Andrew Cuomo in the press or on the news talking about businesses rights, the latest executive order, and interests of different agencies of the government, but you may not subscribe to the same vision for your future, or feel you are being skipped over by the latest executive action / order. You can skip trying to learn how to practice every aspect of law yourself and talk to an attorney who has helped borrowers like you navigate big bank’s departments for loan modification applications. Loss mitigation with banks involves more than loan modification, and you should talk with an attorney to review all of your options so you are insured that your homes protected from your bank trying to steal it.
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