Struggling with Mortgage Payments? How To Save Money With Forbearance

Let's face it, life can be a real drag sometimes. Maybe keeping up with your house payment feels impossible right now. Perhaps you lost your job, encountered a substantial medical bill, or faced unexpected financial setbacks. If you are feeling squeezed because of the mortgage payments, there's an option called forbearance that can provide you with some breathing room.

Think of forbearance as a break from your mortgage payments

 It's akin to saying "hold on a sec" to your lender for a while. You can either pause your payments completely or reduce them for a set period. This grants you some space to stabilize your finances without the looming threat of foreclosure.

Who can use this break?

 It's typically for individuals facing temporary challenges, such as:

Job Loss:

If you've been laid off, forbearance can help you stay financially afloat while you seek new employment.

Medical Expenses:

Dealing with hefty medical bills? Forbearance can provide relief while you focus on regaining your health.

Unexpected Costs:

Whether it's a sudden appliance breakdown or major car repairs, forbearance can act as a safety net during unforeseen financial strains.

Here's the thing, though:

 Forbearance isn't without its costs. Those deferred or reduced payments don't disappear; they're either added to your loan balance or deferred to the end of your mortgage term. Additionally, there may be associated fees, and interest continues to accrue on your loan.

So, is forbearance right for you?

 Here's the simple breakdown:

• It's a reprieve, not a permanent solution. Use it to catch up, not to evade your payments entirely.
• If you’re in foreclosure and you have not spoken to an attorney yet, do it now. Text 727-600-0891 for a FREE Consultation. Then make sure you consult your loan servicer. They can outline your options and determine if forbearance aligns with your circumstances.
• Seek assistance from reputable sources. Non-profit housing counselors specialize in guiding forbearance and can offer invaluable assistance. For a list of verified housing counselors, feel free to reach out to the TJM Home Team Foreclosure Outreach Team at 727-600-0891.

Remember, forbearance can be a lifeline during challenging times. By understanding its implications and communicating with your lender, you can ascertain whether it's the appropriate measure to safeguard your home and restore your financial stability. If you're facing foreclosure or considering selling your house, a realtor can also be a valuable resource.

For example, Thomas J. Morillo at The TJM Home Team specializes in helping homeowners strategically navigate difficult situations to make sure their clients get the best results possible with their given circumstances. How? Even if you have no equity, we can still help by facilitating a successful short sale. Thomas and the TJM Home Team can provide valuable guidance and expertise during the most challenging times.

Here's why Thomas and his Team can be helpful:

Navigating Difficult Options:

Their extensive experience in short sales and dealing with foreclosures will guide you through complex scenarios and help you explore all options that are in “your best interest”.

Market Expertise:

Valuable insights with modified strategies that work best in our rapidly changing market. Inventory is high and so are interest rates. Having Team of Realtors that know how to use the market to your advantage is key to success in any real estate transaction.

Streamlining the Process:

The TJM Home Team can handle the legwork of selling your house, saving you time and stress during a difficult period.

It's important to note that forbearance is not a solution for everyone. If you're considering selling your house, a realtor can help you understand your options and explore the best course of action for your unique situation.