WSHC+B partner Andrew Demers recently spoke with U.S. News & World Report, discussing the options available to homeowners when requesting a deferral on their mortgage payments.
Drew explains that “borrowers should understand that the lender is not waiving those payments, but rather temporarily suspending the collection of the payments.”
For borrowers who request a mortgage forbearance, Demers advises that, “lenders are aware that the financial impacts from the pandemic will last for many years to come. As a borrower facing financial difficulty, you should take the initiative with your lender to discuss options.”
Drew represents national and regional financial institutions and private equity clients in transactional and litigation matters. He also works with banks and private lending clients through all stages of the lending relationship.
Read the full article in the U.S. News & World Report here.