Many people have lost their jobs due to the pandemic and are wondering how they are going to pay their mortgage. Even though it sounds like a possible solution, Be Careful with Mortgage Forbearance.
If you want to explore that avenue, make sure you understand what will happen to the payment(s) you owe but do not make. Will it become a balloon payment after the forbearance period? Will it negatively affect your credit?
If forbearance is your only option, make sure you know what happens after the forebearance time period and get it in writing from your lender.
For more details on Mortgage Forebearance Could Spark More Financial Woes – click here.
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