Are You Experiencing A Short Term Financial Hardship?
A Mortgage Forbearance May Provide Temporary Relief In Nebraska
If you are a home owner experiencing a short term or temporary financial hardship such as a job loss, illness, disability, divorce, death of a wage earner or other financial setback, a mortgage forbearance may provide temporary payment relief.
What Is A Forbearance
A mortgage forbearance allows you and your mortgage company to agree to temporarily suspend or reduce your monthly mortgage payments for a specific amount of time. This will allow you to deal with your short term financial problems and give you time to bring your mortgage payments current.
What Are The Benefits Of A Forbearance
A few of the benefits of a mortgage forbearance are:
- Lower or temporarily suspend your monthly payments to give you time to improve your financial situation.
- Less damage to your credit score than a foreclosure.
- You can stay in your home and avoid foreclosure.
How Does A Forbearance Work
A mortgage forbearance reduces your monthly payment or stops it completely, during the forbearance period. If you qualify, you and your mortgage company will discuss and determine the length of forbearance, the suspension or reduction of the mortgage payment, and the terms of repayment.
After the forbearance period has ended, you will need to repay the amount of your mortgage payments that were reduced or suspended, however you will typically not have to repay the missed amounts all at once.
Other possible repayment options will allow you to add a specific amount to your payments each month until the missed or suspended amounts are repaid, or to then set up a loan modification plan.
Steps To Take For A Forbearance
First, compile your financial information. Make sure you have your basic financial and loan information such as your mortgage statements, monthly debt payments and other loan paperwork, income items such as pay stubs, and income tax returns for when you call your mortgage company.
Be ready to explain your current situation and why you are or will have trouble making your mortgage payment. Your lender will need to understand why you are having trouble making the payments to be able to find the right solution for you.
Then contact your mortgage company to see if you qualify for one of their solutions.
Have You Decided Its Time To Sell Your Nebraska House?
If you’ve decided its time to just sell your house and move on to lessen the financial stress that your house may be causing, we may have a solution. Our team may be able to List and market your house in a traditional manner, or we can BUY your house, and eliminate all of the potential hassles that can come with a traditional sale.
We would be happy to discuss your present situation, and determine how we can provide the best solution for you.
Sell Your House Stress and Hassle Free!
If you have a Nebraska property that is currently in forbearance or if you’re considering a forbearance and would just like to sell, contact us TODAY to see how we can provide a solution for you, before its too late!
Get A Fair Cash Offer! Get Started Now...We buy houses in ANY CONDITION. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (855) 291-5005...
The Sierra Group, LLC is a professional home buying company who has been providing solutions for home sellers for over 20 years. We are Veteran owned and operated and have an A+ rating with the Better Business Bureau.
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