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For more information please visit https://www.metrickesq.comIn a recent interview, top-rated defense attorney Ira J. Metrick, principal of Ira J. Metrick, Attorney at Law, LLC, in Freehold, NJ, revealed what to do when avoiding foreclosure during the COVID-19 health crisis.
When asked for a comment, “Banks and mortgage servicers are making mistakes left and right, but there are ways to right the wrongs. The problem is that if you don’t follow the rules, then you won’t have the right to sue. Here are some guidelines to follow to cover all your bases when avoiding foreclosure.”
Identifying who owns a loan is the first step in determining available foreclosure options. This can easily be done by a quick online search or phone call.
"Two biggest owners of loans in the US - Fannie Mae and Freddie Mac - are government-sponsored enterprises. Both maintain websites where you can enter your name, address, and the last four digits of your social security number, and you'll be able to find out if your loan is owned by one of them," he said.
Metrick continued by saying, “Another big category that your loan might fall under is the Federal Housing Authority or FHA. Because it's a public entity, you can call them and ask whether or not your loan is federally backed."
The next step is contacting a mortgage lender to request a forbearance to delay payments. Federally backed loans provide 6 months of forbearance, while some private lenders offer varying amounts of forbearance.
“In order to get the forbearance, all you have to do is say that you’re experiencing some level of financial hardship due to the virus”. There is no application process.
However, making a phone call is not enough. For his clients, Metrick sends a request for information to a designated address by certified mail.
“This is a way I can protect my clients because the forbearance is only available while we’re in a state of emergency, so if the President ends the emergency today, then no one would be able to get a forbearance tomorrow. If I have to get in front of a judge at a later date, I want to be able to provide proof that the request was made during the emergency.”
The final step is to find or negotiate a solution when reaching the end of a forbearance.
“Fannie Mae, Freddie Mac, and FHA all have different solutions. In theory, it's supposed to be straightforward, particularly if you were current when the emergency hit. However, this might not necessarily be the case," he said.
When asked for an example, he said, “For instance, FHA has several modification programs that should be available after a Forbearance and I find it difficult to believe that a homeowner will always get the right program when they call and speak to a servicer representative.”
As a small note, currently Freddie Mac has a guideline that says if at the end of the Forbearance, if they are unable to reach a homeowner, they automatically send an offer for a streamline modification, without any application.
When it comes to Fannie Mae and FHA loans, depending on what your situation was when the forbearance started is going to affect what your situation will be when it ends.
If unable to find a solution with a lender, Metrick mentioned that the best route could be to find an experienced foreclosure defense attorney.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Ira J. Metrick
Email: Send Email
Organization: Ira J. Metrick Attorney at Law LLC
Address: 57 W Main St, Freehold, NJ 07728
Phone: (732) 462-7000
Website: https://www.metrickesq.com
Source URL: http://RecommendedExperts.biz
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