April 19, 2020
We are aware of the substantial financial strain that the coronavirus pandemic is causing our community. Many of you have reached out to us for guidance on how to proceed with your bankruptcy payments and other financial commitments.
As always, we are open and here to help in any way.
For our clients with mortgages, we want to share some important related information. There has been a great deal of media coverage regarding deferred mortgage payments or leniency on making timely payments.
We urge our clients and friends with mortgages to consider several important points when deciding what to do:
- Mortgage assistance does not apply to everyone or every loan. The type of mortgage you have will determine the amount of assistance you may receive, if any. Learn more here.
- Please do not assume you can skip payments because of the coronavirus pandemic. If you are unable to make an upcoming mortgage payment, call your mortgage company first and see what options may be available to you to prevent extra fees or becoming behind on payments.
- When communicating with your mortgage company, be sure to get any agreements or exceptions granted to you in writing. Having a written document is the only way to protect you from misunderstandings or miscommunications during this time of crisis.
- You will, most likely, need to provide documentation proving that your inability to pay your mortgage is directly related to the corona virus pandemic.
- Lastly, for our clients in an active bankruptcy in which your mortgage payment is a part of your bankruptcy payment,it is important that you reach out to our office, or your case manager, immediately if you are unable to make your chapter 13 bankruptcy payment. The COVID-19 relief bill contains some consumer-friendly payment options that we may need to explore.
Thank you for choosing H&Q. Due to COVID-19 we are working remotely but are open our regular business hours. We are here to help you every step of the way.
