How to Postpone Your Mortgage Payments

How to Postpone Your Mortgage Payments Florida Foreclosure Lawyers

Are you struggling to pay your mortgage? It can be a scary experience to worry about losing your home due to a financial obstacle you are facing. If you want to learn more about how you can postpone your mortgage payments, please keep reading.

Our Florida foreclosure defense lawyers are here to help you navigate the processes of avoiding foreclosure. Please read on to learn more about your options. You can schedule your free consultation with us when you call our office today.

You Can Temporarily Postpone Your Mortgage Payments

When you need a chance to get back on your feet and get your money right, you can file for a mortgage loan forbearance plan.

A forbearance puts a temporary pause on your mortgage payments to give you an opportunity to fix your financial obstacles.

You will not be forgiven for these payments; they will be owed later. While you are on a loan forbearance, you will not be charged interest or penalized for the missed payments. Missing payments is something that your mortgage lender will be agreeing to.

Loan forbearances have helped a lot of people avoid foreclosure and financial ruin. Mortgage lenders will grant forbearances to those that provide enough evidence that this will benefit the lender and the loanee.

Lenders do not necessarily want to go through foreclosure if they can avoid it because it also means they lose money. Get in touch with our Florida foreclosure defense lawyers right away to learn how to file for a mortgage loan forbearance.

Eligible Candidates for Loan Forbearance

If you are struggling with your finances, you are not alone. The pandemic especially has people struggling to make ends meet after years of job losses and uncertainty. With the CARES Act being signed into law in 2020, many people have been in the same boat as you. They did not want to lose their home.

If you are hoping to postpone your mortgage payments, you are likely looking into a loan forbearance in which you have a temporary pause on payments.

Those who are best suited for forbearance instead of a modification (a permanent change to your loan agreement) are struggling with a temporary financial obstacle.

These obstacles may be a layoff, an unexpected illness or injury, etc. These are typically temporary problems that can be resolved in time. You certainly feel the impact of these problems, but they are something you can bounce back from financially. In contrast, you may not be able to dig your way out of the financial hole of losing your spouse, who brought in the household’s primary income.

How Long Can You Postpone Your Mortgage Payments?

When you first file for forbearance, it can last for 3 to six months. This may be enough time for some folks to get their finances back in order. For many, though, they need more time.

Fortunately, you can file for an extension for your mortgage loan forbearance. You may be able to extend the forbearance as long as 12 to 18 months depending on your mortgage type.

It is important to note again that you are not forgiven these payments, and you will owe them at a later date.

If you need an extension, you must file it promptly. It would be best if you did not wait until your forbearance has lapsed to file for an extension. Our Florida foreclosure defense lawyers can help.

Free Consultation with a Florida Foreclosure Defense Lawyer

If you have been struggling to keep up with your mortgage payments, please give us a call right away. We can help you postpone your mortgage payments through a mortgage loan forbearance. Give us a call today to schedule your free consultation.

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