The Massachusetts Eviction Diversion Pact signed by 53 landlords that own 57,000 rental homes in Massachusetts is a reflection of the latest Massachusetts government RAFT – Residential Assistance for Families in Transition funds. The RAFT expansion of COVID-19 relief to save families facing eviction is nearly $100 million dollars to help landlords with up to 20 rental homes continue to supply housing for those with Covid-19 or pandemic-related financial problems. Our Massachusetts personal debt collection lawyer can help you refinance, reorganize, and pay off your mortgage debt on rental properties without evicting your tennants.
Massachusetts Lawyer Evaluates Mortgage Assistance Programs
Millions of homeowners in the United States lost jobs or income due to the COVID-19 pandemic. The stress of the surge in COVID-19 cases weighes heavily on all Americans. The Center for Disease Prevention and Control (CDC) moratorium on eviction is evaluating tennants in December 2020 to dispense funds to prevent eviction. Tennants who qualify based on low income, the number of children in the household, or other vulnerabilites must submit written declarations with their landlords’ signature to receive emergency funds. The CDC may pay some of the rent that’s owed to you.
Boston Personal Debt Collection Lawyer for Landlords
Our Boston commercial collections attorneys have worked with mortage companies for more than 60 years. Mortgage companies who we’ve worked with for 30 years or more value our lawyers’ appraisal of your finances. While the Massachusetts government invests in non-lawyer assistance to help landlords and tennants divert eviction processes, our Massachusetts debt collection lawyer may be able to help you leverage funds to reduce your debt and refinance your rental properties. Our efforts are not limited to Massachusetts if your principal address is Massachusetts, but you also have rental properties in other states.
Incorporated Landlords Reorganize Through Chapter 11 Bankruptcy
Chapter 11 Bankruptcy can help landlords renegotiate mortgage loans and possibly remove loans from their properties. The United States Bankruptcy Court rules changed temporarily under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but you must act before March 27, 2021 to file a seven- year rather than a five-year bankrupcy reorganiztion or repayment plan. You may be able to liquidate a property or two to emerge debt-free on your other properties.
Home Equity Loans Under Chapter 11
You can remove a second mortgage or home equity loan from a deed while in the United States Bankruptcy Court. If you obtained a secured loan with your home or a rental property as collateral and the equity in the property isn’t enough to pay the balance, the bankruptcy trustee can strip the second mortgage loans off of the deed and discharge the unpaid balance because it’s an unsecured loans. The trustee holds a valuation hearing. If, however, you applied for the loan just before filing for bankruptcy knowing the loan wasn’t covered, you can be prosecuted for fraud.
Chapter 11 Bankruptcy – You’re Owed Money
If you financed a business venture and the business tennant defaulted on the loan or rent, you may be able to file a lawsuit within the tennant or debtor’s bankruptcy. If your borrower or tennant files different gross income figures in the bankruptcy court than he put on your loan or rental application, our Massachusetts personal debt collection lawyer can help you file a timely lawsuit. If a debtor is holding a loan on your property, filing a lien is the best way to get your property returned to you. If the debtor lied on his application to you or in his bankruptcy petition, the bankruptcy trustee can order property transfered or money he paid to others returned to the debtor’s estate to pay your secured debt.
The Commonwealth of Massachusetts HomeBASE and Rapid Rehousing
Children distance learning from home need a parent or grandparent with technical skills to care for and supervise them at home. The Commonwealth of Massachusetts HomeBASE program strives to rapidly house invividuals in case management programs for strategic housing stabilization. The Massachusetts HomeBASE Emergency funds can pay your new tenants’ moving expenses, rent, and first and last month rental deposits.
At the direction of the Federal Housing Administration (FHA), Fannie Mae is sending mortgage insurance payments and offering forebearance plans and mortgage assistance. Fannie Mae is reclassifying mortgage loans, refinancing, and offering up to 12 months of forebearance on mortage loans. Our Massachusetts personal debt collection lawyer may be able to help you refinance your mortgage through a FHA Fannie Mae program to save you from eviction or financial peril due to the Covid-19 pandemic.
FHA Mortgage Insurance
Fannie Mae is disbursing mortgage insurance, pursuant to servicing guide B-5-01, for tyes of loss that the Federal Housing Administration will pay for. The loan must be current or less than 31 days behind with a COVID-19 related loss to reecive mortgage loan insurance payments.
Goldberg and Oriel
Call or contact our Massachusetts personal debt collection lawyer for help collecting rent from the tennants in your rental properties, refinancing or renegotiating your mortgages on your rental properties, or reorganizing your business assets and debts. Your consultation from our conveniently located Boston, Massachusetts office is free. If you contact us online, our attorneys usually respond within 24 hours of receiving your request.