Should You Pause Your Mortgage?

Should You Pause Your Mortgage Florida Foreclosure Defense Lawyers

You may be wondering if you should pause your mortgage if you are struggling to keep up with your payments. Financial hardship can affect anyone. We know that this is a difficult situation, and we want to help you get the results that you need. Please do not hesitate to get in touch with our Florida foreclosure defense lawyers today to discuss pausing your mortgage. Keep on reading to learn more, and then give us a call to set up a free consultation.

What is Forbearance?

A forbearance is how you pause your mortgage. It is not loan forgiveness, but it is how you take a short break from paying your mortgage without penalties so that you can give yourself time to get your finances together.

This is going to be a period of time in which you get your money right again so that you can return to your mortgage payments once your forbearance is up.

Did you know that if you have already paused your mortgage, you can apply for an extension? According to Mortgage Bankers Association, roughly 83% of forbearances are extensions. If you need an extension, your lender may be amiable to this.

How Can You Benefit if You Pause Your Mortgage?

When you are in a tough spot financially, you are susceptible to falling behind on your mortgage. When you pause your mortgage, you are giving yourself a chance to figure out your finances without the threat of going into foreclosure.

You and your lender and likely to benefit from a forbearance. Your lender probably does not want to put your home into foreclosure because that often means that they are going to lose money.

Financial issues can happen for a lot of different reasons. Perhaps there was a death in the family that has left you without a second set of income in your household. Maybe you have an unexpected medical condition that has you swimming in bills.

A forbearance gives you time to figure out what your next steps are going to be without worrying about losing your home. Make sure you tell your lender as soon as possible that you have a financial issue. Get in touch with us right away if you want to explore forbearance.

Call Our Florida Foreclosure Defense Lawyers

If you want to pause your mortgage, please do not hesitate to get in touch with our lawyers. We have helped many people navigate forbearance successfully. We are here to take your call and get you set up with a free consultation.

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