Is Mortgage Relief Available?

Are you struggling to pay your mortgage?

There may be some relief available!

Upon a simple affirmation that the borrower is experiencing a financial hardship due, directly or indirectly, to the Covid-19 emergency, and submitting a request to the loan servicer, the borrower may obtain a forbearance without a fee or penalty.  Section 4022(b)(1).  In fact, the statute states that the servicer “shall,” with no additional documentation and with no fees or penalties, provide the forbearance.  Section 4022(c)(1).  As such, it is a broad order that allows many borrowers to obtain a loan forbearance.  The period of the forbearance is 180 days, which may be extended upon the borrower’s timely request for an additional 180 days.  Section 4022(b)(2).  This forbearance is available even if the loan had been delinquent.  The borrower can also shorten the forbearance period upon request.

In a typical forbearance, a borrower would not have to pay principal and interest payments on a loan.  The legislation states that during the forbearance period, no other fees, penalties, or interest shall accrue other than what would otherwise apply.  Section 4022(b)(3).  The legislation, however, provides no further details about the forbearance.  Congress may pass clarifying legislation or Fannie and Freddie may issue guidelines for servicers regarding the forbearance details.

Nevertheless, a forbearance does not reduce or forgive the principal owed, and interest would typically continue to accrue at the loan rate.  Moreover, a forbearance would not typically excuse payment of taxes or insurance, so if those are included in a monthly payment which is made to an escrow account, the borrower should consider continuing to make that portion of the monthly payment.

Have Questions About Your Mortgage?

If you have questions about your rights under the federal stimulus legislation, or need advice about negotiating the terms of your lease, please contact Scott Munzel, real estate lawyer in Ann Arbor at PSED. 734-665-4441

Does Your Mortgage Qualify?

Many mortgage borrowers can obtain a “forbearance,” which is a limited delay in their obligation to re-pay the mortgage loan.  This forbearance is only available, however, to borrowers whose mortgages that have had some reliance on the Federal government in their creation or processing.  These mortgages, defined as “Federally backed mortgage loans,”
include mortgages purchased or securitized by the Federal Home Loan Mortgage Corporation (Fannie Mae) or the Federal National Mortgage Association (Freddie Mac).  The term also includes mortgages insured 1) by the Federal Housing Administration, 2) under the National Housing Act, 3) by the Department of Veterans Affairs or the Department of Agriculture; or mortgages made 4) under the Housing and Community Development Act or 5) by the Department of Agriculture.

Learn more here!

Have Questions About Your Mortgage?

If you have questions about your rights under the federal stimulus legislation, or need advice about negotiating the terms of your lease, please contact Scott Munzel, real estate lawyer in Ann Arbor at PSED. 734-665-4441

Remote Signatures Under Governor’s Executive Order

It was impossible to complete the estate planning process without the physical presence of two witnesses and a notary. Until now!  

How is this possible?

How can we get electronic signatures during the CoronaVirus?

On April 8^th, Governor Whitmer signed Executive Order 2020-41 allowing electronic signatures and remote witnessing and notarization, which is effective immediately and which will remain in place until May 6, 2020.

Get Started Today: Schedule Your Consultation!

If you would like to learn more, contact Marty Bodnar, an estate planning attorney at PSED today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Electronic Signatures Effective Immediately for a Limited Time

As a result of the Stay Home, Be Safe executive order issued by Governor Whitmer in response to the Coronavirus virus people are required to stay home and quarantine. Did you know we’re still available via phone, Zoom or Skype to start a conversation about getting your affairs in order? In the past, we couldn’t sign the documents because the law requires the physical presence of two witnesses and a notary. Until now!  

On April 8^th, Governor Whitmer signed Executive Order 2020-41, allowing electronic signatures and remote witnessing and notarization effective. This is immediately and will remain in place until May 6, 2020. The following are the highlights of this executive order:

Learn more here!

Get Started Today: Schedule Your Consultation!

If you would like to learn more, contact Marty Bodnar, an estate planning attorney at PSED today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Why Now is the Best Time to Get Your Affairs in Order

As each day passes and we settle more and more into our nest aka our homes, the need to get our affairs in order feels very real.

I often say that parents do a lot for their child during their lifetimes. The last gift that we give to them is to make sure everything we leave behind is in order.

Getting your affairs in order involves preparing for your death by signing a Last Will and Testament or a Revocable Trust and making sure your assets and beneficiaries are titled correctly. It also involves preparing for your incapacity by signing Financial and Health Powers of Attorney.

Get Started Today: Schedule Your Consultation!

If you would like to learn more, contact Marty Bodnar, an estate planning attorney at PSED today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Get Your Affairs in Order Now!

As an estate planning attorney, I often get phone calls around the New Year when people make resolutions to get their affairs in order. Phone calls also increase when a tragedy strikes. For example, when Kobe Bryant died people started to realize the fragility of life. As each day passes and we settle more and more into our nest aka our homes, the need to get our affairs in order feels very real.

I often say that parents do a lot for their child during their lifetimes. The last gift that we give to them is to make sure everything we leave behind is in order.

Getting your affairs in order involves preparing for your death by signing a Last Will and Testament or a Revocable Trust and making sure your assets and beneficiaries are titled correctly. It also involves preparing for your incapacity by signing Financial and Health Powers of Attorney.

Get Started Today: Schedule Your Consultation!

If you would like to learn more, contact Marty Bodnar, an estate planning attorney at PSED today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

Property Owners Beware! One Year Left to Preserve “Older” Property Interests

Last year, the Legislature amended the 40 Year Marketable Title Act (the Act), and created a two year window during which holders of “older” property interests could preserve those interests by recording a notice of those interests with the Register of Deeds.  That window ends March 29, 2021, leaving about one year left to record such a notice.

By way of background, the purpose of the Act is to simplify and facilitate land title transactions by creating a statutory basis for “marketable title.”  The Act accomplishes this by extinguishing by operation of law certain interests which arise out of any act or document that precedes the applicable 40 year period. The recent amendment provides an opportunity for people benefiting from these “older” interests to preserve them by recording the notice; otherwise, they may well be extinguished by operation of the Act.

Get Started Today: Schedule Your Consultation!

If you would like to learn more, contact Scott Munzel, a real estate lawyer at PSED today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.