| $1.8 Billion Navient Settlement — Are You Included?
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We’re beginning 2022 off with excellent news. There’s a $1.8 billion scholar mortgage settlement between Navient (a mortgage servicer) and 39 completely different state legal professional generals.
Within the settlement, Navient agreed to “chorus from informing personal mortgage debtors that their loans are non-dischargeable in chapter.”
It’s about time! If different servicers proceed to falsely advise their debtors that chapter is just not an choice, we could wish to file a misrepresentation lawsuit and acquire damages below our client legal guidelines.
For an in-depth evaluation, our recording on the Navient Lawyer Common Settlement ought to reply your questions.
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In different information, we wish to make clear any confusion on the beginning date for federal scholar mortgage funds.
For these with Direct loans or FFEL loans owned by the federal government, the date moved from February to Could 1. In case you had a FFEL mortgage that was in default earlier than COVID-19, this consists of you.
Do you have got a FFEL mortgage that’s not in default or a FFEL mortgage that’s nonetheless owned by a 3rd social gathering?
Regardless that it’s a federal mortgage, your servicer ought to notify you of the beginning date, which is any day now.
Need to keep away from making funds till Could 1 and acquire another aid {that a} Direct mortgage can provide?
Please contact us for a 1-on-1 session to see if consolidation is smart for you. There are professionals and cons to doing so — please solely consolidate after understanding the advantages and potential pitfalls.
A remaining observe: the variety of bankruptcies look like rising in 2022.
Because of the finish of mortgage and scholar mortgage forbearances and better dwelling bills, we suspect extra individuals will likely be submitting for chapter this 12 months.
Don’t overlook, we file chapter to clear the slate when vital, and provide help with mortgages and foreclosures. In case you want steerage on whether or not this selection is best for you, please e book a session with us.
