Welcome to the Kazi Law Firm! We are a boutique law firm steeped in Texas tradition personifying the warmth and congeniality consistent with southern hospitality. We believe in preserving integrity and professionalism with true Texan charm, staying true to our roots, while providing essential, affordable legal services to all. Located just north of Dallas, Texas in the rapidly growing suburb of Frisco; the Kazi Law Firm concentrates on contracts drafting and review, wills & estate planning, real estate law, landlord, tenant, mediation, and general business law needs.
Covid-19 has impacted all our lives in one way or the other. As a prominent real estate firm in Frisco, we often counsel clients on a variety of legal issues, including but not limited to FSBO transactions, sale/purchase contracts, evictions, landlord-tenant disputes, and recently forbearance.
Given the pandemic induced illness, stress, and unemployment, many are struggling to afford their monthly mortgage payment. Fortunately, for homeowners experiencing financial hardship this year, the CARES Act provides mortgage payment deferral options, creating much-needed relief in these challenging times. However, it’s critical to understand how forbearance works. Keep in mind that it is not automatic and requires homeowners to take action by applying for the program before it expires.
If you need to apply for forbearance but aren’t sure how to begin the process, the Consumer Financial Protection Bureau (CFPB) published five easy steps to follow when requesting mortgage forbearance:
Find the Contact Information for your Loan Servicer:
Look at your mortgage statement to find the phone number for your servicer (the company you send your mortgage payment to every month). Please be sure to use the phone number on your statement to avoid scams.
Call your Servicer:
Explain your situation so your servicer can determine your best course of action. Be sure to ask any questions you have about the process. This is not to the time to be shy. Be forthright, honest, and clear with what your current situation is.
Ask If you’re Eligible for Protection Under the CARES Act:
The CARES Act protects homeowners with federally backed home loans (FHA, VA, USDA, Fannie Mae, and Freddie Mac). In addition, some private servicers are also providing forbearance programs. It never hurts to ask!
Ask What Happens When your Forbearance Period Ends:
Depending on the plan available to you, there are different options you may be able to consider. Your servicer will help you get a better understanding of what’s available to you.
Additional questions to ask:
- What happens to the payments I miss?
- What are my repayment options?
- When will repayment be due?
- Are there any fees?
Ask your Servicer to Provide the Agreement in Writing:
A written agreement allows you to see exactly what type of program you’re agreeing to. It also helps you make sure it matches what you discuss with your provider over the phone. It’s always recommended to have an attorney review the forbearance agreement prior to signing.
Please remember there is no shame in asking for help. Be proactive and take the necessary steps to apply for the forbearance program. This year has been one for the record books. Start the new year with renewed hope and a plan in place.
I built my law practice on the premise of being a life raft in a sea of sharks. I want to be an advocate for those that have been wronged and are too intimidated to seek help. My firm is here to explore your options, guide you through your legal journey, and give you that safe space to ask questions! There’s no such thing as a stupid question…Only the ones you don’t ask. So, my question to my clients is not “do you have any questions?” But rather “what questions do you have?”
As always, the Kazi Law Firm is standing by to help you in your time of need. Don’t hesitate to contact us today. We specialize in real estate law, landlord-tenant disputes, immigration, and wills & estate planning. Family is at the core of our practice. Just as we treat our family with respect and understanding, we treat yours. Come join the Kazi Law Firm family today!
Why swim alone in shark-infested waters when you don’t need to?