Facing Foreclosure or Forbearance?
These are tough, unique economic times. Many of us are facing hardships, foreclosure, or have accepted forbearance. If you need to sell quickly to stop or prevent foreclosure - we are here to help. Fill out the form at the bottom of the page and we will be in touch.
What Is Forbearance?
Forbearance refers to an agreement made between you (the homeowner) and your lender in the event that you’re unable to pay your monthly mortgage amount for any reason. The lender freezes your payment requirements for a set amount of time. After this date, you would be required to continue your normal monthly mortgage payments, and pay back the balance owed, plus any interest or fees that accumulated during your grace period.
What Is Foreclosure?
Foreclosure is a legal process that occurs when you are unable to continue making mortgage payments, and as a result, you forfeit rights to your home. The bank or lender would take over ownership of the property."
This article will give you greater detail about foreclosure and forbearance and gives tips on how to work with your lender if you are facing foreclosure or have been overwhelmed by forbearance. https://www.rocketmortgage.com/learn/difference-between-forbearance-and-foreclosure
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