If you got forbearance on your home mortgage loan you may be in good shape – or you may be stuck between the proverbial “rock and a hard place.”
If your home loan is backed by Fannie Mae or Freddie Mac, you can breathe easily. You won’t have to repay those missed payments until you sell the house, refinance, or pay it off through your regular monthly payments.
However, not all home mortgage loans are backed by Freddie and Fannie. Depending upn the agreement you were offered, you may be required to repay all of the missed payments at the end of the forbearance period, or you might have a year or so to repay them along with your regular monthly payments.
After being out of work for a few months, either of those programs might be impossible.
Some will choose to cash in retirement savings or sell personal possessions in order to catch up.
Some will simply stop making payments and wait for foreclosure. But that’s a poor choice, because foreclosure makes it impossible to own another home for several years.
A better choice is to contact me and get that home sold before the first payment comes due.
That will put you in a position to purchase another home – perhaps with a dramatically lower interest rate than your present home loan.
Call today for a free market analysis. Compare it to your latest mortgage statement to see how much equity you have to put toward the purchase of your next home. Talking never puts you under any obligation, so don’t wait!