My escrow company sent the infographic that is below and I thought it was an interesting read. Thousands of homeowners filed for a forbearance from their mortgage company, which will be coming to an end shortly.
WHAT IS A FORBEARANCE?
Holding back, temporary postponement of mortgage payments. These “held back” mortgage payments need to be paid and there are a couple of programs out there. 1) Extend the terms of your loan from 30 – 31, this will keep your payments relatively the same. 2) Recalculate your loan bring the “held back” mortgage payments into your existing term, this will increase your monthly payments.
WHY AM I TELLING YOU THIS?
Once the Forbearance ends, you may find yourself in a bind of high mortgage payments and still not working. I want to help. We will work together to go over options to save your home without spending all of your savings and/or retirement. I can also help you navigate the waters with the bank applying for a loan modification.
Your Property Connection, Inc. has been working with distressed homeowners since 2006 when the market started to crash. We assisted them with loan modifications and when we exhausted all options, we went to sell them home, many being short the loan amount, called SHORT SALE. We have worked with over 3,000 families with a very high success rate.
What I am saying in short, is if you need someone to speak with about your situation, we offer FREE, CONFIDENTIAL consultations. You’re not alone, we can help you navigate through this tough time.