Forbearance programs allow homeowners to temporarily suspend or reduce their monthly mortgage payments. These programs are offered by the lender or the company that administers the loan.
Forbearance does not reduce or forgive the debt owed to the lender. Instead, it gives the borrower an option to defer payments and in many cases to avoid foreclosure by working proactively with the lender to manage the expectations of when payments will be reduced or stopped and when they will resume.
Reduced payments, including interest-only payments may be an option. Interest will still accrue and the full amount of the loan will still be due, but if you need help temporarily during a tough financial period in your life, forbearance may be an option to consider.
Here are 5 tips for steps you should take if you need forbearance help with your mortgage in Atlanta.
If forbearance is not a great option for you, have you considered the possibility of selling your house? While this may not be ideal, it may be a solution for a difficult financial situation. Foreclosure and the loss of your home and a ruined credit rating may be the alternative if you do nothing.
Reach out to Kurzner Group to examine your options. We can look at your home’s value, and your outstanding mortgage and give you a better understanding of how selling would help your situation.
Contact us for a free and private conversation about your options.