My income dried up big time in December and I went into forbearance when I was 2 months behind. My forbearance is about to end and I'm now about to be 5 months behind. My mortgage is $1,500 a month which will make me $7,500 behind. Luckily everything is back to normal and I am now grossing 5,500 a month with about $1,000 in expenses total every month.
With this information, what options will I most likely end up getting?
I am coming out of a 3-month mortgage forbearance. I am scared about what happens next.
byu/I_abuse_lower_ranks1 inpersonalfinance
Posted by I_abuse_lower_ranks1
3 Comments
Do you have any documentation from your bank from when you requested the forbearance?
Request to be reviewed for a Loss Mitigation workout plan. If you now have income, they can review you for a repayment plan or a loan modification depending on what type of loan you have.
A forbearance only pauses your mortgage payment. At the end of the forbearance plan, you’re required to pay everything back in full. That’s where the loss mitigation comes in. Call your bank and tell them you want to be reviewed for loss mit workout options and ask what financial docs do you need to submit.
If you were truly in forbearance your not 5 months behind; those 3 months are added to the end of your loan