Getting and Keeping a Forbearance with you Lender

How to Get a Forbearance on Your Mortgage

If you’re unable to make your mortgage payments due to money troubles you may qualify for a mortgage forbearance program. Keep reading to find out how to put your mortgage payments into forbearance.

What is Forbearance?

A forbearance is when you and your mortgage company agree to temporarily suspend your mortgage payments for an agreed upon period of time. Forbearance may be available to you depending on your financial situation. If you are behind on your payments or are faced with a particular hardship you may qualify for forbearance.

How Do I Put My Mortgage Payments into Forbearance?

There are several steps to having your mortgage payments temporarily suspended.

I.                    Gathering Documents

If you’re looking to have your mortgage payments put into forbearance you will first need to compile all of your financial documents and statements to present to your mortgage company or attorney. This includes your mortgage statements and other monthly expenses or current debts.

II.                  Making your Case

The purpose of gathering these documents is to make your case to the mortgage company that you’re unable to make your monthly payments. You will want your documents to tell the story of why you’re unable to make your payments and why a forbearance is a good option for you. These documents could also be used as proof to provide to your mortgage company that you are currently facing a financial hardship and need relief.

III.                Call an Attorney

If you think a mortgage forbearance is a good option for your situation, reaching out to and working with an experienced attorney can facilitate the process. The right attorney will be experienced in dealing with and negotiating with mortgage companies on behalf of their clients. If you’re interested in hiring an attorney to handle your mortgage forbearance, visit www.timothymccandless.wordpress.com .