Skip to main content

I Can’t Pay My Mortgage

  • The economic crisis caused by the Coronavirus pandemic has resulted in thousands of people being unable to pay their mortgages. Many people have lost their jobs, been furloughed or placed on reduced hours. Even those who have been able to work may have suffered a decrease in earnings if their income is commissioned based or based upon factors other than a set salary or a set hourly wage. Congress has provided relief to homeowners.
  • The CARES program adopted by Congress earlier in the year provided a delay until May 18 for federally backed mortgage companies to attempt to foreclose on a debtor’s residence. That deadline has now been extended to July 1, 2020. Once that deadline has passed, a homeowner still suffering financial hardship due to the pandemic can request a 180 day forbearance and potentially a further 180 day forbearance. The obligation continues to accrue but a distressed homeowner will be protected from foreclosure.
  • At some point the day will come when payments have to commence. Homeowners who have mortgages under Federal loan programs will be able to seek a loan modification through which all arrears will be “rolled into” the note and a new payment created or can add the missed payments to the end of the note or can pursue a “catch up” plan in which extra payments are made to “cure” the missed payments. The Bureau of Consumer Financial Protection website can provide a great deal of useful information for consumers looking for answers. The link is If you have questions on different government programs, it is worth looking at. If all else fails, a homeowner can still seek relief under Chapter 13.

Parker Schwartz has attorneys with many years of experience in handling problems for homeowners and Lawrence Hirsch is a Certified Bankruptcy Specialist. We can help you navigate through these difficult and challenging waters.

This article provides general information about certain legal topics. The law, however, changes quickly and varies from jurisdiction to jurisdiction. None of this information should be used or relied on as legal advice or opinion about specific matters, facts, situations or issues. You should consult a lawyer about your particular circumstances before you act on any of the information contained in these pages because the information may not apply to you or your problem or may not reflect current legal developments.

Please contact Larry Hirsch at 602-282-0472 or at for more information.

Lawrence Hirsch