Forbearance coming to an end? Know your options!

By
Real Estate Agent with Killebrew & Company Realty, Inc.

Mortgage Forbearances are coming to an end.

Millions of home owners opted to take a few months off their mortgage during the shutdowns, but now it's time to start making the payments again, and in some cases pay it all back!

FIND OUT MORE! 

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Minna Reid is a Broker Associate at Killebrew & Company Realty Inc., serving the Jacksonville Beaches, Ponte Vedra Beach, The ICW and surrounding greater Jacksonville area. For more info visit: WWW.MYFLORIDAHOMESALE.COM
 

 

Comments (1)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Minna  it is good advice for homeowners as well as potential homeowners to talk with someone knowledge about the impact forbearances have had, and will have.  While forbearances provided some short term relief, they have also caused issues, especially forbearance on student loans.  Student loan forbearances have had a major impact on debt-to-income ratios.

Jan 14, 2021 01:38 PM
Minna Reid

The problem with any forbearance or even loan mod is that folks dont realize that it's not just the principal of their loan affected. Interest and fees continue to accrue, and they end up owing a much higher balance than expected. Over 90% of the clients I have had who have ultimately failed their loan workouts have no idea how they owe so much more than expected. Banks really do line their own pockets with these workouts to "help the people". 

Jan 18, 2021 08:33 AM