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As most everyone is aware, if you were impacted by the pandemic and you are having trouble making your mortgage payments, you can request a forbearance.

Simply put, a forbearance allows the borrower to stop making payments and freeze the loan at that point.

While this may be a temporary help, the piper will have to be paid eventually.

Unfortunately, at the end of a forbearance agreement, typically, the payments that were delayed become due and payable in one lump sum.

This may not be the case with every agreement, so we would highly suggest checking with your loan servicer to clarify expectations and obligations.

If you find yourself staring down the barrel of this situation, know that all is not lost.

You may be able to request a loan modification. A modification may allow you to extend the payments out so that the skipped payments can be moved to the end of the loan.

To find out about your options, contact your servicer.

Stay safe and know your options. 

 

The best to you and yours.

 

Southern Breezes Real Estate