Sign Georgia Banking Forbearance Agreement Now

Industry sign banking georgia forbearance agreement now

[Applause] [Music] so i wanted to um publish an update in regards to what's going on with um foreclosures here in georgia forbearances evictions all of that good stuff um just because i'm getting a lot of calls a lot of worried calls because you know when you watch the news it's not very clear the programs for delaying these issues is not very clear so there's a lot of confusion but one thing i can tell you at least from a bankruptcy attorney's perspective is right now most of the lenders are pushing back foreclosure we have seen foreclosures here in georgia drop drastically right now i don't think that foreclosures are going to probably start picking up until maybe maybe february or march because we have seen lenders that are actually working with clients to do forbearances and at least giving them extensions they'll usually do them in three-month increments and then allow them to keep um doing the forbearance but now understand i think that that's not gonna last forever um so i i think after at least a year has run since all of this pandemic craziness we are going to see foreclosure start to tick back up i think also because of the moratorium on evictions um that's probably why why lenders are also you know trying to work with folks because even when you foreclose on someone you still have to evict them um from the property so there's there's issues there that i think most lenders don't want to even you know go down that road with so with that said um if you are having financial problems um and you know with your mortgage definitely you know seek help try to get a forbearance um at the end of the forbearance um you know the the lender yes a forbearance is not a loan modification so they can ask for the entire amount at the end of the loan so that is certainly a risk um and we can't promise you that they will just let you do a loan modification and deal with it that way i'm seeing in terms of my clients um most of my clients are either getting a loan modification um after the forbearance and just putting the back end of the loan or they're allowing folks that are in bankruptcy to put whatever payments that they put in the forbearance to actually put it into the bankruptcy so adding that in normally a post-petition debt we can't do that with but the lenders have actually been in my opinion they've been great working with our clients and they're allowing us to do that so that's really helping at least my folks in bankruptcy it's helping them tremendously so unlike the the loan modification craziness um and ridiculousness of 2008 and 2009 that we saw at least from the bankruptcy attorney side i am seeing that i think lenders are getting it together a little bit better than they did at that time and of course you have to understand you know with with the pandemic nobody could predict this so i think everyone's flying by the seat of their pants but i'm seeing overall i think it is it'll be going well now again like i said um eventually everything has to go back to normal so at some point you're gonna have to start paying your mortgage again um and you know even with the loan modification your payment may go up it's not a guarantee it'll go down so there's a lot of things to consider my advice that i am providing at least to my clients is that if you're worried about your finances in the future what's going on with this whole covid um crisis and the economy everything if you're worried about that ask for the forbearance ask for the forbearance see if your lender will provide a forbearance if you do have the money to make the mortgage payment put it to the side put that money to the side in case at the end of the forbearance the lender does ask for all those payments to be made but at least you can be putting some money to the side in case you know things aren't going well at the end of the forbearance and you do need to ask for it to be put into you know maybe a loan modification that's the best case scenario but put that money on the side so that that doesn't leave you in a precarious position um at the end of all of this um again as a bankruptcy attorney you know um the good news is um you know we are seeing a better response from the lenders um i think in regards to forbearances um in terms of evictions um you know i've gotten a couple of calls um on that but it doesn't seem like um it doesn't seem like landlords are really pushing that issue right now but after the end of the year i most definitely think everything is going to crank back as business as usual um as usual as it can be but at some point understand the courts have to start allowing lawsuits they have to start allowing evictions and they have to start allowing foreclosures because lenders have to be paid as well so that is going to all start to crank out but i don't think that's going to happen until early part of 2021. um if you have any questions about bankruptcy about evictions about the forbearance you can of course reach out to us we're happy to um to answer questions um and if you go to our site we actually have several guides about this topic i'll put some links um below in our description so if you've got any questions you can go there or you can reach out to us and like i said we're happy to answer as many questions as we can