What is a Forbearance?
The best way to keep a home when a homeowner has a temporary financial hardship is a forbearance plan.
A forbearance plan is an agreement made between a lender and the homeowner where the lender allows the homeowner to miss a couple of payments (or forgives a couple of already missed payments) and then requires the homeowner to make up the payments later – in most cases by making payment-and-a-half payments for several months in a row after the missed payments.
The disadvantage to a forbearance plan is that most people are either not eligible for these plans, or those that are, are not able to ever catch up once the payment-and-a-half payments period begin. They just cannot afford the new payments.
Hippie Hollow Homes can recommend service providers that can help negotiate these plans for homeowners or Hippie Hollow Homes can simply buy the home and solve the problem.
Question About Forbearance
Can anyone get a forbearance?
No, in most cases the lender will have to review each homeowner’s individual circumstance to see if they are eligible. If you miss payments causing a hardship due to a temporary situation (such as a one-time expense), then you are more likely to be eligible and the program probably makes sense. If, however, your financial hardship is on-going, a forebearance probably won’t be approved, and won’t do any good anyway. In these situations, a short-sale may be a better choice.
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