The Federal Government Has Announced Some Help For Families Facing Hardship Due To The Novel Virus COVID-19 BUT It Is Very Important To Know What It Means And How It Can Affect You.
What is a Forbearance?
With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.
Forbearance may be an option if you are:
Behind on your mortgage payments or on the verge of missing payments
Experiencing a temporary hardship
What are the benefits?
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
When applying for a forbearance, many things must be take into consideration, in many cases the full amount has to be paid after the agreement expires, your credit may be impacted negatively, foreclosure proceeded may start after the agreement expires if past payments are not paid in full to name a few!
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 period has ended, you will need to repay the amount that was reduced or suspended. However, there are a few options available if you qualify— make a one-time payment for the amount due (reinstatement); add a specific amount to your payments each month until the entire amount is repaid (see Repayment Plan); or cure the past due amount through a modification (see Modification).
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We have helped hundreds of families since the last major collapse in the real estate market, while we do not belive that will happen again, there is no doubt families are struggling ... and we want to help you avoid foreclosure!
Time is your best ally in these situations, the faster you act the more chances you have to reach a positive solution!
so call TODAY!