Our Forbearance Services
- Are You Experiencing A Short-Term Hardship? Forbearance May Provide Temporary Payment Relief To Assist Homeowners Dealing With A Job Loss, Disability, Illness, A Recent Disaster, Divorce, Death Of A Wage Earner Or Other Unique Circumstances.
- We Will Negotiate The Best Financial Terms And Payment Schedule With Your Lender.
- We Have The Expertise To Get Your Forbearance Request As Quickly As Possible.
- Our Team Will Manage All Paperwork And Facilitate The Process With Your Lender.
What is a Forbearance?Here
Mortgage forbearance allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback. This can help struggling borrowers avoid becoming delinquent with payments, as well as avoid foreclosure. Your initial forbearance plan will typically last 3 to 6 months. If you need more time to recover financially, you can request an extension. For most loans, your forbearance can be extended up to 12 months.
Whatever your reason for needing it, it’s extremely important to talk to your lender or servicer before you stop making payments. Find out from your lender or servicer which type of loan you have and what the forbearance terms are.
For most loans, there will be no additional fees, penalties, or additional interest (beyond scheduled amounts) added to your account, and you do not need to submit additional documentation to qualify. You can simply tell your servicer that you have a pandemic-related financial hardship.
Forbearance doesn’t mean your payments are forgiven or erased. You are still obligated to repay any missed payments, which, in most cases, may be repaid over time or when you refinance or sell your home. Before the end of the forbearance, your servicer will contact you about how to repay the missed payments.
If you can show a hardship and that you have sufficient income to make reasonable payments, you can apply for forbearance with your lender or servicer. The main steps of the application process for a forbearance are:
- Gather your financial information: You will need to document your income and expenses, as well as any recent changes that have led to financial hardship. You will also need a copy of your current mortgage statement for reference.
- Contact your lender: You should call your lender or servicer and request to speak with someone about a it. You will typically be assigned a representative or team that will work with you throughout the process.
- Complete an application: In order to get the formal loan modification process started, you will need to complete an application. The application will request relevant financial information such as your income and expenses, and the details of your hardship that have left you unable to afford your current mortgage payment.
Your lender will review all of this paperwork, along with additional info such as your credit report, to determine if you are eligible for a forbearance.
Contact us now for a free consultation.
