Have you been worried about losing your home because you are struggling to keep up with your mortgage payments? You are not alone. There are millions of Americans right now who are struggling to pay their mortgage. Our Florida foreclosure defense attorneys can help you figure out a plan to help you keep your home. Here is what you need to know about mortgage loan repayment.
Loan Forbearance
If you are struggling with your current mortgage loan repayment plan, you might be interested in forbearance which is a pandemic relief plan for those who have been financially affected by the pandemic. People who have lost their jobs or loved ones who have been breadwinners of the household are now struggling to pay their mortgages. If this is your situation, we can help.
Mortgage loan forbearance allows you to put a hold on your monthly loan payments. This should not be confused with the forgiveness of these payments. It is just borrowing time so that you can get your finances together. During this pause, you do not have to give your lender money towards your house.
When you apply, this pause can last for six months. Then at six months, you can apply again to receive another six months. This can last for 12 total months for you. The application process goes through your mortgage lender. During this, you need to show how the pandemic has affected your finances, making paying your mortgage difficult to keep up with.
Loan Modification
For those who are struggling to pay their mortgage off because of incredibly high-interest rates, a loan modification may be right for you. A lot of people do not know that their mortgage loan repayment journey could include loan modification.
You can make this modification between you and your lender. This is not a temporary solution like forbearance. This is intended to rework the original agreement of the mortgage to get you to pay back this mortgage easier.
Both the lender and you can benefit from having a loan modification. When the bank allows a modification in the loan, it helps you pay them back and stay on top of their payments. It helps you avoid having a foreclosure. If your loan goes to foreclosure, you and the bank will lose money. The bank does not want to lose money ever, so they are likely to be willing to modify your loan if you are in a position where foreclosure seems likely.
Call Us Right Away
If you are having a hard time paying your mortgage and need to explore your options, please call our Florida foreclosure defense lawyers right away to discuss a plan for your mortgage loan repayment. We can work with you to come up with a plan, so you do not end up at risk of losing your home. Call today to set up a free consultation.