When you are struggling with your finances, it can be all too easy to slip into trouble with your mortgage payments. People struggle to pay their mortgage for many reasons, and it can happen to anyone at any time. Forbearance can be a great thing for someone who needs help getting back on their feet. When you have been on forbearance and need a bit longer, you may be interested in a forbearance extension. To learn more, keep reading and then give our Florida foreclosure defense lawyers a call right away to set up a free consultation.
What is a Mortgage Forbearance?
A forbearance, as you likely know, is a temporary period of time in which you are pausing your mortgage payments. This is a time that is meant to allow you to gain control over your finances. This is something that a lot of people can benefit from when they are hit with an unexpected financial crisis.
Sometimes people need forbearance because of a death in the family, medical emergency, divorce, etc. Please keep reading to learn more about how you can benefit from forbearance and whether you may be able to get an extension.
Can I Get a Forbearance Extension?
In some cases, you would be able to file for an extension of your forbearance. If you do need an extension, you should reach out to your lender as soon as you know you will require an extension.
Lenders are often amiable to the idea of forbearances and sometimes even extensions if it means you do not go into foreclosure. They lose money if you go into foreclosure.
Will These Missed Payments Be Waived?
When you have forbearance, you are not being forgiven the payments that are paused. It does, however, give you a decent amount of time to get your finances right and be able to return to your mortgage payments as previously scheduled.
This usually means that the timeline in which you pay off the loan is extended for the amount of time in which your forbearance lasted. You should not let that stop you from pursuing forbearance.
Call Our Florida Foreclosure Defense Lawyers
If you have more questions about a mortgage loan forbearance extension, please do not wait to reach out to us. We have been helping the people in our community through their financial struggles for many years. We would be more than happy to help you through yours. Call us right away to set up a free consultation with us today.