Yusra3
VIP Contributor
Mortgage forbearance is a great way to get out of a difficult situation. If you have a mortgage that's not paying off, it can be hard to make ends meet. However, with the right strategy and some time, you can get back on track.
Forbearance is a temporary suspension of payments on your mortgage. You can use this option if your financial situation has changed or if there are unforeseen circumstances that prevent you from making payments on time.
In order for this option to work best for you, it's important that you understand what options are available to you when facing financial hardship. Here are some pros and cons of using forbearance:
Pros:
1. You can get your mortgage payments reduced by up to 90% if you're unable to make them because of circumstances beyond your control (like a medical issue).
2. You'll still be able to pay your taxes and other bills on time, so there's no risk of defaulting on those either.
Cons:
1. The length of time that forbearance will last depends on how long it takes your lender to approve the request. If they need more information or documentation from you before approving it, then this could take months until they finish processing everything required for approval.
Forbearance is a temporary suspension of payments on your mortgage. You can use this option if your financial situation has changed or if there are unforeseen circumstances that prevent you from making payments on time.
In order for this option to work best for you, it's important that you understand what options are available to you when facing financial hardship. Here are some pros and cons of using forbearance:
Pros:
1. You can get your mortgage payments reduced by up to 90% if you're unable to make them because of circumstances beyond your control (like a medical issue).
2. You'll still be able to pay your taxes and other bills on time, so there's no risk of defaulting on those either.
Cons:
1. The length of time that forbearance will last depends on how long it takes your lender to approve the request. If they need more information or documentation from you before approving it, then this could take months until they finish processing everything required for approval.
