Mortgage forbearance won’t last forever. Here’s what to do if it’s coming to a close.
Mortgage forbearance has been a lifeline for many borrowers during the coronavirus pandemic. Under normal circumstances, forbearance lets you pause your monthly mortgage payments for a period of time that’s determined by your mortgage lender. But under the CARES Act, all borrowers are entitled to up to 15 months of forbearance.
If you put your mortgage into forbearance early on in the pandemic, then you may be required to start making payments on your loan again in the coming months. In addition, and more importantly, there is no guarantee that your lender is going to add those payments to the bank of your loan. Mortgage professionals have opined that homeowners will most likely request repayment of the missed payments over a period of time – but WHAT IF YOU CAN’T AFFORD BOTH YOUR REGULAR PAYMENT AND THE ADDITIONAL PAYMENT DEMANDED BY YOUR LENDER!
This is where I come in. Countless homeowners have availed themselves of the protections of Chapter 13 Bankruptcy to extend the period of repayment to up to five (5) years. If you want to starting planning ahead, I invite you to call me at (516) 268-0122 or visit our pages on Chapter 13 Bankruptcy.