Both State and Federal governments have put moratoriums on the payment of rent and mortgage payments due to COVID. While these moratoriums delay payments, they do not excuse payments. Most mortgage companies will offer some reasonable assistance such as putting the missed payments on the end of the loan or increasing payments slightly to make up the payments over a long period of time. Most landlords might not be able to offer long payback terms. Most landlords have a mortgage to pay and need the ongoing rents to make those payments. If a person is struggling financially, it will be wise to consult with a bankruptcy attorney before the end of the moratorium so that a plan can be made in the event the bank or landlord are not willing to make affordable repayment arrangements. There are timing issues that should be considered before a person gets a foreclosure notice or eviction notice. There are different types of bankruptcy. In a chapter 13, for example, a person is given time to make up missed payments and prohibits foreclosures and evictions. Some people might be better served by moving to a new residence and then filing a chapter 7 to eliminate the unpaid debt. When a person waits too long to get experienced legal advice, it might be too late for some good options.
At OlsenDaines, we understand how stressful it can be when you cannot meet all of your financial obligations. If you’re struggling financially, we want you to know you have options and we’re there for you.
With over 40 years of experience and various office locations throughout Oregon and Washington, our attorneys will address your financial difficulties and provide you with the expertise and careful planning you need. OlsenDaines offers emergency 1-day filings, payment plans, and evening and Saturday appointments for your convenience. Contact us today to schedule your free consultation.
When the Mortgage & Rent Moratorium Ends in Portland OR and Salem OR
And all surrounding areas