If you have been struggling with your finances, it can be very scary. Falling behind on your mortgage is really tough for many people and can leave you feeling like you are failing. If you are worried about losing your home, you should reach out to our Florida foreclosure defense lawyers right away. Together, during your first free consultation, we can discuss the potential for mortgage loan forbearance.
How Mortgage Loan Forbearance Can Help
You might be wondering what loan forbearance is. This is not the same thing as having your loan forgiven. That is very important to remember when you are exploring options for your mortgage. Having a forbearance on your mortgage means that you are going to postpone the payments, not forgive them.
You are not alone. In 2021, just over 10% of loans were in the initial stages of forbearance.
Something that you should know is that, when you have the help of a lawyer throughout this process, they can help you work with the lender to get an agreement for a forbearance. When you are given the opportunity to delay your payment for a later repayment, you are getting a second chance to get your finances together and save your home.
You do not have to worry about added fees when you are trying to get a mortgage loan forbearance. There are no added fees from your lender when you have this agreement. This is a relieving fact for many people who just cannot have an added expense.
Details of a Mortgage Loan Forbearance
You have several benefits from having a forbearance. You can rely on there being a postponement in the payments that are past due. You can also benefit from there being a pause on the interest on your mortgage. There won’t be any more interest when you do get back to paying your mortgage.
We know that a lot of homeowners are eager to explore this option because it means that they can save their homes and help them get their bearings, so to speak. You do not have to worry about having to pay back all of the money you owe all at once.
You do not have to return to a higher mortgage payment. You return to a mortgage payment that is the same as it was before. This can often mean that you are going to have a longer repayment period. This is very enticing for people who want to fix their finances.
Call Our Florida Foreclosure Defense Lawyers Today
You deserve to have someone by your side during this extremely troubling time. We are here to help you get the best option that you need. If forbearance is not for you, mortgage modification might be the answer.
Call our office today to set up a free consultation.