Home Mortgage Forbearance Explained Winston Rowe And Associates

BLOOMFIELD HILLS, Mich. - May 22, 2020 - PRLog -- The coronavirus crisis, which has led to mass layoffs, reduced hours or pay cuts for many workers. As a result, lenders and the federal government are offering numerous forbearance mortgage options to keep people in their homes.

What is a mortgage forbearance agreement?

When you lose your job or income, it can be a struggle to keep paying your mortgage. Homeowners can request a mortgage forbearance agreement to stop making their mortgage payments temporarily if they're dealing with a financial hardship.

This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

Forbearance may be an option if you are.

Behind on your mortgage payments or on the verge of missing payments.
Experiencing a temporary hardship

How does it work?

Forbearance reduces your monthly mortgage payment or suspends it completely during the forbearance period.

After the forbearance period has ended, you will need to repay the amount that was reduced or suspended. However, you are not required to repay missed payments all at once, though you have that option.

This article was prepared by Winston Rowe and Associates a national consulting firm. They can be contacted at https://www.winstonrowe.com