Due to the unprecedented hardships caused by the COVID-19 pandemic, many mortgage servicers have granted forbearances to their mortgagees.
What is a Forbearance?
A forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later. You will have to repay any missed or reduced payments, though typically not all at once.
What happens if I still cannot afford my mortgage payments after a forbearance?
If you have trouble catching up at the end of this temporary relief period, additional assistance may be available. Contact us for a list of possible options to aid in protecting your home from foreclosure proceedings. Some of these options may include: