In a world where terms like Short Sale, Loan Modification, Workout Solutions and Foreclosure are becoming better known to many American who wish they didn't need to know them, one word seems to avoid many homeowners' radar screens: Forbearance.
For those unfamiliar, Forbearance is great option for many homeowners who have experienced a significant change in income level because Forbearance postpones mortgage payments for a period of time. Homeowners who have lost their jobs can arrange for a Forbearance agreement with their mortgage company which basically allows them, for a fixed period of perhaps three to six months, to either suspend paying their mortgage or pay a reduced amount... this allows a homeowner time to seek new employment or work out the necessary solution to their financial and income related issues. At the end of the set period, the mortgage company and the homeowner set a plan to make up the payments that were missed, either by paying a portion every month over a set period of time, or perhaps adding the missed payments to the end of the mortgage note.
While not a solution for every homeowner, and certainly a solution that is easier to utilize when the employment market is stronger, Forbearance could serve many homeowners well. Not all mortgage lenders offer this solution, and, according to a news report I heard recently, counselors have reported that only 4% of homeowners applying for HUD assistance have been granted Forbearance, but if you or someone you know is temporarily struggling with their mortgage, the possibility of Forbearance is worth investigating.
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If you are in the Dallas/Fort Worth area and are looking for an experienced REALTOR® to offer guidance, support, and make the home buying or selling process easier and more friendly, call me today at (469)449-9840 to schedule a consultation. Or visit my Dallas Real Estate and Short Sale Information website at HomeSalesRemedy.com. I'd be happy to help you move forward and achieve your Real Estate objectives.
Not located in the D/FW area? Contact me anyway... I'd be happy to refer you to a REALTOR® in your area who can help you with the same personal service that I provide to my clients.
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