TUESDAY MORTGAGE TIP - Don’t Go Into Forbearance Without Considering These 3 Things
Updated: May 19, 2020
For today’s Tuesday Mortgage Tip, we’re talking about mortgage forbearance. Below are three things to consider before turning to mortgage forbearance:
Mortgage forbearance is not a payment forgiveness plan. Rather, it is a payment deferment program and may still be required to be paid. The exception being if a loan modification is necessary and possible — which can negatively impact your credit score.
If you go into loan forbearance, you may not be able to refinance the loan until 12 months after you’ve moved out of forbearance.
Going into mortgage forbearance may have a negative impact on your credit score moving forward.
For more information on this and other “fine print” elements of the CARES Act that may impact your mortgage options, give me a call (or text) at 714.504.9730. I’m here to help and there’s no obligation whatsoever.