Q: What If I Can’t Make My Mortgage Payments?

If you can’t make your mortgage payments, you should consider forbearance. We’re sharing the three things you should know about a forbearance plan.

Today we’re answering the most critical question: What if I can’t make my mortgage payments? You should be considering forbearance. Forbearance provides temporary relief by reducing or suspending your payments.There are three things you need to know: 1. Forbearance. Forbearance provides temporary relief by reducing or suspending your payments for a brief period.  2. Repayment options. You need to know the terms of the forbearance. You may have a repayment plan, modification, deferred payments, or extension of forbearance.  3. How this will affect your credit. I personally have gotten a forbearance. The letter I received from my lender said: “By entering into this forbearance plan, we will report your account to the credit bureaus as current under the forbearance plan.” That means no damage to your credit.
If you have further questions about forbearance or concerning real estate, please reach out to us. We would love to help you. Stay safe!