Ask an Expert: All Things Forbearance with Mike Medlock of Flat Branch Loans
My Forbearance is Ending
The COVID-19 Pandemic has wrecked the economy and wreaked havoc on millions of American’s finances. It is estimated that 30 million people lost a job and roughly 13% of homeowners took some form of mortgage forbearance to delay their payment.
If you are one of the 3.6 million homeowners in forbearance, it is important for you to know your rights, responsibilities, and whether or not you will need an additional extension.
I Can’t Afford to Pay, What Are My Options?
Again, it is important to know what type of loan you have and who it is serviced by. If your mortgage forbearance period is ending and you either can’t afford to pay your mortgage or can’t afford to make your missed payments, it is crucial to be in contact with your lender. They can help you figure out what your options are.
Short-Sale vs Foreclosure
After speaking with your lender and determine you CANNOT afford to pay back your missed payments, you may be looking at the loss of your home.
BUT foreclosure is NOT your only option. Learn more about the difference between a short-sale and foreclosure.