DID YOU GET FORBEARANCE ON YOUR HOME MORTGAGE LOAN?
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 upon 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.
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!