Turn Off Ads?
Results 1 to 5 of 5

Thread: Your mortgage and forebearance

  1. #1
    Registered User
    Join Date
    May 2019
    Location
    Reading is fundamental.
    Posts
    514

    Your mortgage and forebearance

    I heard a fellow on the radio today in my car, talking about mortgages and forbearance and loan modifications. My mortgage is paid, so it me a while to tune in.

    He was saying that a lot of people don't understand what a forbearance is. It's not a loan extension. At the end of the forbearance, you will likely have to pony up that money that you didn't pay and give it to the mortage company in a lump sum unless different arrangements are made.

    I didn't hear this clearly... he might have said that only the principal is in forbearance and that you have to find a way to pay the taxes and insurance.

    He did say clearly that you have to contact your lender. Any forbearance is not an automatic thing.

    If you don't contact them your loan can go into default because you're not paying them. He really emphasized that.

    Here is some information on forbearance, etc:


    What's the Difference Between a Forbearance Agreement, Repayment Plan, and Loan Modification?

    Forbearance agreements, repayment plans, and loan modifications are different ways that borrowers can avoid foreclosure.

    By Amy Loftsgordon, Attorney

    https://www.nolo.com/legal-encyclope...ment-plan.html
    Last edited by North; 04-13-2020 at 11:21 PM.

  2. Likes:

    kaldaniels (04-13-2020)


  3. Turn Off Ads?
  4. #2
    Member kaldaniels's Avatar
    Join Date
    Jul 2005
    Posts
    17,848

    Re: Your mortgage and forebearance

    Thanks North. Any information on stuff like this right now can help a lot of people.

  5. Likes:

    goreds2 (04-16-2020),North (04-13-2020)

  6. #3
    Registered User
    Join Date
    Dec 2021
    Posts
    0

    Re: Your mortgage and forebearance

    You’ve heard correctly.

  7. #4
    Score Early, Score Often gonelong's Avatar
    Join Date
    Sep 2001
    Posts
    4,240

    Re: Your mortgage and forebearance

    Ouch - good to have that knowledge, hope I never need to put it into action. Seems like it would be very difficult to come up with that lump sum if you have to go with forbearance in the first place.

  8. #5
    Member bm1475's Avatar
    Join Date
    Mar 2006
    Location
    Arizona
    Posts
    680

    Re: Your mortgage and forebearance

    Most customers I dealt with back in my mortgage servicing days went with a modification after their forbearance. If they were swimming in money they might qualify for a repayment plan, but it was rare.


Turn Off Ads?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please.

Thank you, and most importantly, enjoy yourselves!


RedsZone.com is a privately owned website and is not affiliated with the Cincinnati Reds or Major League Baseball


Contact us: Boss | Gallen5862 | Plus Plus | Powel Crosley | RedlegJake | The Operator