Has Your Bank Paused Mortgage Payments?

A worried couple looking at a mortgage payment documentA worried couple looking at a mortgage payment document

Has your mortgage loan servicer put you in a forbearance without you even asking?  If so, watch out.  You might have thought that you could breathe a sigh of relief without making mortgage payments for a few months, but they may be setting you up for failure and ultimately a foreclosure.

Several news outlets have reported that Wells Fargo put some mortgage loans into forbearance without any request from the homeowner.   This can, for many will, have a cascading effect of misfortunes.  First off, putting you into a forbearance without your request could serious damage your credit.

Secondly, what happens at the end of the forbearance period?  They may require you to make all missed payments during the forbearance in one lump sum.  Don’t have that money laying around?  Well, they will begin foreclosure proceedings at some point.   Trust us, no loan servicer has your best interest at heart.  You are not their client, you are their product.  Their clients are the big banks, the loan investors and their shareholders.  We have seen mortgage companies take advantage of people thousands of times over the years.  Do not think it won’t happen to you.

How Loan Lawyers Can Help?

If you have been put into a forbearance by Wells Fargo, or any other mortgage loan servicer, that you did not request, get legal help now before it snowballs into a much bigger problem.  If this has happened to you, we will give you a free consultation, and if we take your case, it will be handled on a contingency fee basis, meaning there will be no legal fees or costs unless there is a recovery.

Further, in many instances, the loan servicer will have to pay your legal fees and costs for you.  If you have been put into forbearance without requesting it, the bank is not doing you a favor.  Again, they may be setting up for trouble down the road.  Do not take this lightly.  Call us now for your free consultation at 1-888-FIGHT-13.