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  • Edward G. Topolski

COVID-19


Lately, I have been thinking about the hardship, including financial,  we are all experiencing as a result of the COVID-19 Virus. I don’t think any of us had any idea that our otherwise stable lives would be turned upside down so completely. I’ve spoken with many people who even with temporary bans on foreclosures, evictions and various forbearance programs that allow credit card payments to be extended are still concerned because eventually their ongoing monthly bills will come due, and in addition they will have to make additional payments to satisfy the terms of the various forbearance agreements offered by creditors. Any payments that are subject to a forbearance agreement are NOT forgiven, and eventually will have to be paid in addition to regular ongoing monthly payments. Many of the people I have spoken with do not know if they will have a job to go back to because the businesses the worked for have closed or reduced the size of their staff and are scared that their income is lost forever. We’ve all have seen the advertisements encouraging people to refinance their homes to pull cash out because interest rates are at a historical low right now; offering a chance to earn high rates of return by investing money from your 401(k) which you can withdraw without penalty; or Debt Relief Programs that advertise you have the right to have your debt reduced and we will negotiate with your creditors for you and get this done.  If something sounds too good to be true there is probably a loophole somewhere? If you are considering any of these options at a minimum speak with an experienced attorney to get their advice before you sign a contract or agreement. Once you sign an agreement or contract its too late. There is no harm in asking the Loan Officer, Investment Group and/or Debt Relief Program for a written contract or agreement that explains exactly what they will do for you so you can have it reviewed by attorney of your choice before signing. If they are reluctant to provide the written information you request, or try to dissuade you from reviewing the information with your own attorney that tells you something.. I agree with looking at every option and then making an informed decision on what is best for you and your family.  Just be careful because things that sound too good to be true probably are not going to work out!   Call me if I can help you! (951) 765-0331





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