Here are a few options you have once your first forbearance period ends.

If you have your mortgage in forbearance right now and that forbearance period is ending soon, it can be scary. Here’s what I want to tell you first and foremost: Don’t be concerned about foreclosure because it’s a very slow process that takes many months, and you likely have more alternatives than you realize. 

If you’ve been financially impacted by COVID-19 and your mortgage company already granted forbearance once, the good news is that the majority of mortgage companies will agree to a second forbearance period for 180 days. This should be Option A if you haven’t already reached out to your mortgage provider. There may be additional documentation to fill out and sign, but getting an additional forbearance is a fairly straightforward process. 

“No matter your situation, there’s a solution for you out there.”

Another option is to negotiate a repayment plan with your bank. If you missed three payments, work out a reasonable repayment schedule to get back on track. This option obviously only applies if you’ve been able to re-establish your income. Your bank could also do what’s called a loan modification, where they’ll take the money that was past due and put that into a re-amortization of your mortgage to come up with a new monthly payment for the life of your loan. 

What if you’re in a situation where you no longer want your house? We’ve all been locked in our homes for months on end this year, and maybe you realized during that time that your current house no longer fits your needs. Selling your home and relocating locally, or moving somewhere out of the area is always an option. All of those back-payments can then be paid off through the sale of your home. 

The bottom line is that no matter your situation, there’s a solution out there. We’d love to be your guide and walk you through every option that makes sense for your specific circumstances. Reach out to us here at the Whissel Realty Group by phone or email if you have any questions or homeowner needs; we’re always here for you.

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