Mortgage forbearance ending? Know your options! - Reid Real Estate Group
August 25, 2020

Mortgage forbearance ending? Know your options!

Mortgage Forbearances are coming to an end.

Millions of home owners opted to take a few months off their mortgage during the shutdowns, but now it's time to pay up!

YOUR OPTIONS FOR GETTING BACK ON TRACK WITH YOUR MORTGAGE!

Pay the back due amount and resume normal payments.

If you have the funds and wish to simply pay back the missed payments and resume normal payments, this is certainly the easiest way to move forward.

Request an extension. 

Most lenders are currently allowing 180 day extensions to their original forbearance. If you just need more time to get back on track, this may be an option.

Apply for a repayment plan. 

If you can't pay the back due amount all at once, but can afford a higher payment for a short while, you may be eligible to repay over several months. 

Modify your mortgage.

If your situation has changed for the long term (new job, income reduction, etc), and you wish to remain in the home, but can no longer pay back the forbearance and/or resume regular mortgage payments, you can request a loan modification. A loan modification is a permanent change to the terms of your mortgage that may make it more affordable.

Sell the home.

If you are unable to make any payments going forward or wish to relocate from the area, selling may be your best option. The market is still hot, and most folks will have at least some equity to be able to sell easily now.

Consider a short sale.

If you'd like to sell, but lack the equity to do so, a short sale may be an option for you to sell the home and have the lender forgive the difference. 

Last Updated on August 25, 2020 by Minna Reid

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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