If you’re a homeowner struggling financially, you may be able to take advantage of forbearance – the deferral of mortgage payments until a later time. However, the forbearance process can be confusing. A HomeFree-USA advisor tells you what your first step should be.
It’s easy to panic during this pandemic. Not only are we worried about our health, but many of us are worried about our finances and whether or not we will be able to make our mortgage payments. While worrying won’t solve our problems, there are a number of possible solutions that may -- including forbearance.
Forbearance is the temporary suspension of your monthly mortgage payment, meaning you may be able to defer a few payments while you get back on stable financial footing. Many lenders are offering homeowners the option of forbearance to help them get through the pandemic.
However, we’re going to be honest with you. The forbearance process can be confusing. “There is so much information coming to homeowners all at once,” says Debriel Elam, senior homeownership advisor for HomeFree-USA. Trying to figure it all out on your own could be a mistake, particularly if you make a decision without having a full understanding of what you are agreeing to.
Elam recommends that homeowners contact HomeFree-USA to learn more about forbearance options for three important reasons:
We can translate industry jargon. Mortgage information can be complicated and intimidating. HomeFree-USA can explain the options your lender is offering in everyday language that anyone can understand. We are rooted in our community and we have your best interests at heart.
We have relationships with lenders. HomeFree-USA has partnerships with many financial services companies. Not only do we know what they are looking for, but we know about the programs they have to offer homeowners. We can tell you what you might expect when you reach out to your lender to ask for forbearance.
We may be able to tell you about alternative solutions. While forbearance is a good option for many homeowners, there may be a better option for you. HomeFree-USA can look at your unique situation and help you figure out the best steps you can take to make sure you keep your house and get past this financial crisis.
Forbearance could be the answer to your problems. Let HomeFree-USA provide you with the answers you need.