Are you experiencing a short-term hardship? Forbearance may provide temporary payment relief to assist homeowners dealing with a job loss, disability, illness, a recent disaster, divorce, death of a wage earner or other unique circumstances.
What Is A Forbearance
Are you experiencing a short-term hardship? Forbearance may provide temporary payment relief to assist homeowners dealing with a job loss, disability, illness, a recent disaster, divorce, death of a wage earner or other unique circumstances.
Forbearance is when your mortgage servicer, or lender allows you to pause or reduce your payments for a limited period of time.
Forbearance does not forgive what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them.
The Benefits of Forbearance
- Lower or temporarily suspend your monthly payment—giving you time to improve your financial situation and get back on your feet
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
How Does It Work
Forbearance reduces your monthly mortgage payment—or suspends it completely—during the forbearance period. If you qualify for forbearance, you and your mortgage company will discuss the forbearance terms:
- length of forbearance period,
- reduced payment amount (if the payment is not suspended), and
- the terms of repayment.
After the forbearance has ended, you will need to repay the amount that was reduced or suspended. However, you are not required to repay the missed amount all at once, though you have that option. Other potential options allow you to make an additional payment each month for a period of time until the past due amounts are repaid, move the missed amount to the end of your loan term, or set up a loan modification, if you are eligible.
Want To Learn How To Stop Foreclosure Now?
We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now. You can also check our resources page to learn more about avoiding this.
You aren’t the first person to go through such a situation… and won’t be the last. So don’t feel ashamed. It happens.
The best thing you can do right now is to educate yourself on your options. For some people selling your home is the best option (we’ll make a fair all-cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options. So, click one of the buttons above to get your free foreclosure guide.