We live in crazy times. Mandatory quarantines are devastating businesses nationwide and unemployment levels are historic. Federal and State governments are doing what they can to help.
For example, there have been foreclosure suspensions, cancellations and moratoriums; stimulus checks, forbearance, extended grace periods for mortgage payments, small business grants and loans; just to name a few.
We expect that these programs and policies will not be enough to help and there will be another housing crash in New Jersey and Pennsylvania due to the record number of mortgage defaults. For example the grace periods and forbearance for mortgages are being handled by the mortgage servicer or mortgage bank. These are the same entities that were entrusted to help homeowners during the financial crisis. As an attorney on the front lines helping homeowners during the financial crisis I can tell you that the mortgager servicers and mortgage banks failed miserably at implementing the programs designed to help people save their homes. This resulted in record numbers of short sales; something I believe will be coming again.
If you have experienced any type hardship due to COVID-19 Coronavirus please contact The Sokol Firm for a free consultation. We helped thousands of homeowners during the financial crisis and expect to do the same again.
William Sokol, Esq.
856.528.2012
Bill@thesokolfirm.com