Beware of the Trojan Horse Gift

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

 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 ( 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 

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