Forbearance coming to an end? Not sure what are the next steps to take next? Kyle Whissel shares several steps you can take once your forbearance ends; discussing the options you can take to extend your forbearance, working out repayment plans with your bank, or even selling your current home.

Did your bank grant you forbearance on your mortgage, but that forbearance is ending soon and you don't know what to do next? Kyle with the Whissel Realty Group wants to help you out if you have your mortgage in forbearance right now.

If your forbearance period is ending, it could be a little bit scary, and I'm with you. Here's what I want to tell you; first and foremost, don't be concerned about foreclosure.

Foreclosure is a very long process, it takes months and months for that to happen. You're fine, everything's going to be okay. I want to start out with that, don't stress out. We want to be here to be a guide to help you through this process 'cause you've got a lot of options at your fingertips.

If you are affected by COVID, your income has been affected and you can't currently afford that mortgage. If your mortgage company gave you forbearance once, the majority of companies are also going to agree to give you a second forbearance on that mortgage and they should be able to do that up to 180 days. So if you are still struggling, that's option A, is you can just give your mortgage company call, let them know that you're still struggling. They may have some documentation they need from you or some stuff you need to sign, but they should grant you another 180 days.

There are a couple of other options where you could work out a repayment plan with the bank. So those three payments that you miss, work out a repayment plan to get back on track and everything is good. That's obviously if you're in a situation where your incomes come back. They could also do a loan modification, which is something similar to that where they'll take the money that was past due. They'll put that and re-amortize your mortgage, come up with a new payment and that'll just be your payment moving forward or if you're in a situation where you just don't want your house anymore, right?

We've all been locked in our house for months and months right now and maybe that's not the house for you anymore. Maybe you're ready to just sell your San Diego house and move on whether that be relocating locally or relocating out in the area, you could always sell your home to that's always an option. And then as you sell your home, all those back payments, those can all just get paid off with the sale of your home.

So no matter what situation you're in, there are options, there are solutions available to you. We'd love to be that guide to help you walk through those solutions.

If you're in this situation and you need some help reach out to our team here at Whissel Realty Group, 619-618-7997.

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