Transitioning out of Forbearance
Here are a few things to keep in mind as you come out of forbearance.
It’s time for you to come out of forbearance. If for some reason you’re not able to repay what is now owed on your mortgage in full, the question becomes, “What are your options?”
One thing you should do is talk with your lender about working out a repayment plan for what is owed in addition to your regular mortgage. A second option would be to ask if they can put what you currently owe on the back end of the loan. That way, it will eventually be paid, but you won’t feel the pressure of paying it all back at once. You could also ask your lender if they’d allow you to extend your 30-year mortgage to a longer-term loan.
If these options aren’t available to you, it might be worth looking into selling your home, especially if you still have equity left in it. If you have questions about these tips or anything else concerning real estate, feel free to reach out to me via phone, text, or email. I hope to hear from you soon!