• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to footer

Before Header

Due to COVID-19 you can now work through foreclosure by phone. No office visit is required.

Call us today for help!  561-214-6163

Law Office of Malcolm E. Harrison, P.C.

Foreclosure Defense/ Loan Modification

  • Home
  • FAQs
  • About
  • Practice Areas
    • Loan Modifications
    • Foreclosure Defense
    • HOA Foreclosure Defense
    • FHA Foreclosure Defense (Free)
  • Learn
  • Recent News
  • Contact

Mobile Menu

Schedule A Free Consultation Now!

Find out how our law firm can help you win your case or you don’t pay a cent.

561-214-6163

Beware of the Trojan Horse Gift

Home » Beware of the Trojan Horse Gift

April 20, 2020 //  by Malcolm Harrison//  Leave a Comment

Focus on Foreclosure

(The following is for informational purposes only. It is not legal advice. If you want to discuss your personal situation, please make an appointment with me at 561-214-6163 or email me at Malcolm@MEHRealProperty.com)

 Since my newsletter last week we have spoken to several banks and we have heard from clients who have reached out to banks, and the information is not good: Many banks will give you a temporary break on making mortgage payments, but at the end of the period they want you to pay the whole amount. 

If you couldn’t make the payments when they were due, how in the world are you supposed to come up with them at the end?  Haven’t they heard that there’s a pandemic and that 22 million Americans are out of work? Ironically, people could end up losing their homes because they asked for help. 

This is a Trojan Horse gift: It looks good on the outside, but on the inside it’s dangerous. 

Folks, if you are going to ask for a payment break, make sure that you ask your bank what it expects from you when it’s time to start making payments again. You need to know what you are facing going into the forbearance so that there are no surprises coming out.

Also, please make sure your friends, family members, and colleagues know this information.  I am resending last week’s message below so that you can simply forward this email on to anyone who needs it. If you know of someone who wants to sign up to our newsletter, just send me or Danielle (Danielle@MEHRealProperty.com) their name and we will add them to the list. 

Remember: “Knowledge is power.” We’re trying to keep you strong during this crisis. 

Focus on Foreclosure

To Skip or Not Skip Mortgage Payments: Uncertainty in the CARES Act

I’m writing to warn you that there may be some hidden traps when you ask your lender to let you skip mortgage payments because of the corona virus crisis.

The new Cares Act offers mortgage aid to those with a government-backed mortgage during the corona virus crisis. That means that if you have an FHA-loan, a loan backed by Fannie Mae or Freddie Mac, a Veterans Affairs loan, or a loan backed by the Agricultural department you qualify for help. 

So what do you get if you qualify? Help comes in the form of 180-day forbearance on your mortgage payment with an extension of another 180-days if requested. After you declare to your bank that you have been impacted by COVID-19 medically or financially, the CARES 

Category: Recent News

Looking for immediate answers to your questions?

Schedule a no-cost consultation today!

This form is currently undergoing maintenance. Please try again later.

You May Also Be Interested In:

Foreclosure Moratorium Extended

Corona Crisis Help for Homeowners

Relief for FHA loans or loans backed by Fannie or Freddie.

Extension of Foreclosure Moratorium for Certain Federally Backed Loans Until June 30, 2020

No Lump Sum Payments at the End of COVID Mortgage Forbearances for Federally-Backed Loans

Beware of the Trojan Horse Gift

To Skip or Not Skip Mortgage Payments:

Relief during Coronavirus

Foreclosure Basics

Previous Post: « To Skip or Not Skip Mortgage Payments:
Next Post: No Lump Sum Payments at the End of COVID Mortgage Forbearances for Federally-Backed Loans »

Reader Interactions

Leave a Reply Cancel reply

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

Footer

Attorneys

Malcolm E. Harrison email
Michelle C. Moore email

Our Law Office

Law Office of Malcolm E. Harrison, P.A.
561-214-6163

12161 Ken Adams Way Wellington, FL 33414

Contact Us

Contact our legal office today. Our attorneys are ready to help. There is no better time than now.
Contact

Newsletter

Sign up to get free resources, tips, and directory of our firm.

Copyright © 2023 · Law Office of Malcolm E. Harrison, P.A. | Privacy Policy | Legal Disclaimer