Should I Pursue a Loan Forbearance?
The Loan Forbearance merry go round will make you dizzy and sick
There is so much written in the media today about loan forbearance plans and loan modifications that many homeowners mistakenly consider these items as actual alternatives. Quite frankly, I shy away from loan mods and loan forbearance plan because while they sound good in theory, in reality, they are too good to be true.
The Loan Forbearance Merry-Go-Round
My company, Hippie Hollow Homes, located in Austin and San Antonio, Texas, has coined the phrase ‘the Loan Forbearance Merry-Go-Round’. The loan forbearance merry-go-round goes something like this: someone tells you to stop making your payments (which is never a good idea) while we go and figure out your loan to see if you qualify for a loan mod or a loan forbearance plan. Here’s the unhappy ending: you’re on this merry-go-round for 2-12 months while they’re figuring out everything, and then at the end, they tell you you DON’T qualify and, oh by the way, you owe us payments for the past 2-12 months or else we’ll foreclose on you.
Suddenly the homeowner, who had been hopeful that they could keep their house, now finds out they’re on the foreclosure list for next month’s auction and has to scramble to come up with the money to stave off foreclosure or scramble to find another place to live.
In theory, a loan forbearance plan and loan modification sound good on paper, but in reality, they can put you in a terrible situation.
Rather than going through this merry-go-round, I recommend seeking other alternatives.
If you liked ‘What is a Loan Forbearance?’ then you may also enjoy other articles written by Shenoah Grove at www.HippieHollowHomes.com
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