What If I Can’t Make My Mortgage Payments? - Team Lally: Hawaii Real Estate

What If I Can’t Make My Mortgage Payments? Many people all over the world are struggling right now. In the United States, some aren’t sure how they’re going to make their mortgage payments. If this applies to you, you should consider forbearance.

There are three things you should know about a forbearance plan, and we’re discussing each of them. To learn more about forbearance, watch this short video.

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The 3 things you need to know if you can’t make your mortgage payment:

1) Forbearance. Forbearance provides temporary relief by reducing or suspending your payments for a brief period.

2) Repayment options. You need to know the terms of the forbearance. You may have a repayment plan, modification, deferred payments, or extension of forbearance.

3) How this will affect your credit. I personally have gotten a forbearance. The letter I received from my lender said: “By entering into this forbearance plan, we will report your account to the credit bureaus as current under the forbearance plan.” That means no damage to your credit.

To get the latest Covid-19 information and its impact on the current real estate market, go HERE.