The Licatesi Law Group extends our deepest sympathies to you during these challenging times. As all Americans, we face the COVID-19 situation on all fronts, including personally and financially. However, The Licatesi Law Group is here to help. With the pending strains that will be placed on all of us, you need to know that there are options available to you. Those options will vary depending on your particular financial institution. Governor Cuomo issued an executive order March 21, 2020 urging banks to postpone mortgage payments for 90 days. The resolution is not mandatory but a suggestion that finds it “an unsafe and unsound” business practice if banks do not offer forbearance on mortgage payments for 90 days to homeowners in financial distress because of the coronavirus pandemic. It is important to note there are currently no rules in place to ensure that lenders comply with the governor’s suggestion. Indeed, many mortgages are secured by third parties, which would prevent lenders from following the guidance. This is where we can help. The Licatesi Law Group has helped thousands of Americans, especially during the financial crisis, by negotiating loan modifications, defending foreclosures and more.
If you are struggling with your mortgage payments or have financial concerns the first thing you should do is reach out to us to get in contact with your lender. There are programs in place for homeowners facing hardship. Our clients vary, as do their mortgage lenders. Some lenders are deferring payments for up to 120 days due to an interruption in income. During this time interest will accrue but you won’t be charged late fees or have impacts to your credit. Many lenders are following the processes outlined by Fannie Mae and Freddie Mac to provide forbearance relief. For example, Freddie Mac announced a variety of mortgage relief options. The company announced that their measures “were available immediately and apply to borrowers who cannot pay their mortgage payments due to a decline in income resulting from the impact of COVID-19 (i.e. forbearance for up to 12 months, waiving penalties and late fees, suspending the reporting of delinquency and allowing servicers to offer borrowers additional loss mitigation options that are typically only enacted to address natural disaster).
A mortgage forbearance is an agreement between you and your mortgage servicer that lets you either stop making payments or lower your payments to an affordable level on a temporary basis during your hardship. Many borrowers are eligible regardless if their property is owner occupied, a second home or an investment property. It is important to note that mortgage forbearance is not mortgage forgiveness, meaning that you will need to repay the amount that was reduced or suspended, either as a lump sum or by adding to your normal monthly payment. Our attorneys are extremely experienced in negotiating as this has been our specialty since before the financial crisis.
If you are in need of legal representation or have any questions during these difficult times regarding financial assistance or relief, please contact us at (516) 478-0205 to discuss options that may be available to you.
Over $100 Million in Verdicts & Settlements For Our Clients
Plaintiff sustained a series of fractures and other injuries to the right shin, heel and foot, requiring nailing of the right tibia with two proximal and two distal locking bolts, ultimately resulting in below-the-knee amputation
Infant plaintiff sustained encephalopathy as result of DPT vaccination administered by NYC Health and Hospitals Corporation.
Plaintiff was involved in a car accident resulting in multiple disc herniations requiring percutaneous fluoroscopic-guided epidural treatment and lumbar fusion laminectomy.
47 year old male police officer injured as a result of surgical malpractice by an orthopedic surgeon resulting in an inability to work and permanent impairment of gait.
Wrongful death case settled at the Appellate level, 44-year-old husband and father drowned while swimming in a municipal pool.
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