Are banks required to help?

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Hey there, this is Joshua Sternberg from Sternberg Law Group. Hello my homeowners. Today I'm going to cover a question that I get all the time that I'd like to answer for you. The question
is "Are banks required to help?"

The simple answer is No! The majority of mortgages in this country are held by private companies. Now those private companies are almost always banks but those banks are able to do what they
want with your mortgages, within reason. If you're behind on your mortgage they have a duty to review you for a modification but they have no duty to modify your loan. The only times you
really see a bank that has to help you is if it's a government-backed loan which could be FHA, Fannie Mae, Freddie Mac, which don't get me wrong, a large swath of homeowners, are
government-backed and during covid those loans got tons of assistance, but unfortunately what we've seen is a misunderstanding of does my bank have to help me?

Watch the video till the end, so you can learn more about this topic.

00:00 - 00:19 - Let's discuss topic "Are banks required to help?"
00:20 - 02:03 - Full explanation of the topic
02:04 - 02:19 - If you have any questions, please contact Sternberg Law Group

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#sternberglawgroup #foreclosureattorney #mortgageattorney Disclaimer: The information provided in this video is for general informational purposes only and is not intended to be legal advice. Viewing this video does not create an attorney-client relationship. If you require legal advice, please consult a licensed attorney in your area