Forbearance is NOT Forgiveness
Forbearance is NOT Forgiveness!!!
What IS Forbearance Anyway?
If you’re having trouble making your mortgage payment… You MUST watch this!
I’m hearing this from clients and other agents around the country that YOUR lender may even AUTOMATICALLY put your loan on Forbearance. Forbearance is NOT Forgiveness! Be VERY Careful and make certain you understand this completely!
What is it? Watch here to learn.
Forbearance works for the mortgage company and not necessarily for you.
The details are in my video. It’s a minute and a half. You’ve got that kind of time! 😉
Forbearance is when the mortgage company allows to you skip a few payments. But you have to pay them back. In a balloon payment!
Forgiveness is the term you want to use and don’t stop negotiating with your mortgage company until you get this. I just read new data showing that in March 2020 the percentage of mortgages in the US under forbearance was .025%. 1/4% of all loans! At the beginning of May 2020, 7% of all loans are under forbearance in the US.
Just watch the video!
It’s difficult for a lot of people out there… being thrown into a recession in one weeks time. Your mortgage company has an ulterior motive… they may want to take your house back in a future foreclosure… especially if you have a lot of equity. Just be careful and know the terms short term and long term if you get your payments waived for a period of time.
Call me or write if you need some help with this, I can put you in touch with mortgage pros who can help guide you. Stay safe and sane!
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