Good Monday Morning!

Our country has never been through a period like that of the current COVID19 situation and hopefully, we will never have to endure anything like this again.  With all of the stress, both emotional and financial, there are many options popping up that look like they might help out during this time of hardship.  One of these programs is being presented by many mortgage lenders right now and it is called "Mortgage Forbearance".  The following is the definition of "Mortgage Forbearance:

Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.

I have been receiving both emails and calls from clients asking me for some guidance in regards to "Mortgage Forbearance".  Since this is unchartered waters for most, it is really a great idea to check it out before jumping on board. The contracts that I have read from several different lenders, clearly spells out the fact that if you do this program and don't make payments for several months, this money is not forgiven from your mortgage debt.  The ones I read clearly state that the period of "Forbearance" is for 90 days and at the end of that 90 day period, your accrued debt from the "Forbearance" period is due and needs to be PAID!!  Read the small print in the "Forbearance" contract, because if this is the case, then you need to decide if you are going to have that money available when the time comes for repayment?  I have also learned that if you take advantage of "Forbearance", that during this time you may not be able to get other loans, refinance, or take advantage of other financial programs.  I have yet to determine whether "Forbearance" will effect your credit or not, but I would certainly suggest checking this out as well before jumping into a program with your lender.

Have An Awesome Week!  Stay Healthy!  Remain Positive!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!