Mortgage Forbearance Information:
What You Should Know
A MESSAGE FROM DIRECTORS MORTGAGE CEO MARK HANNA
There has been a lot of media attention and discussions about forbearance, and I wanted to provide you with my thoughts regarding this extremely important subject matter to ensure your credit is not adversely impacted, nor your ability to obtain a home loan.
Our advice: If you can pay, you should absolutely pay. Mortgage forbearance should be a last resort, once you have already exhausted all other options to make your mortgage payment because the adverse impact to you if you don’t pay is significant from a financial perspective.
While it may provide temporary financial relief, forbearance is not loan forgiveness or credit protection, so it’s important to understand the full details from your mortgage servicer as it may cause unintended consequences later. And even if you do decide this is the route for you, don’t just stop making payments – you must connect directly with your mortgage servicer to work out the details of forbearance before you miss a payment.
While mortgage servicers may not report forbearance as a late payment to your credit, it is not an on-time payment, thus impacting your overall credit with a forbearance part of your history and most likely precluding you from being able to buy a home in the future or refinance your existing home loan.
Please don’t hesitate to contact us here at Directors Mortgage or your mortgage specialist and together we will be able to answer any questions you have in addition to helping you navigate the current market conditions with the greatest overall benefit to you and your family.
To find your local branch: CLICK HERE
To find your Mortgage Specialist’s contact info: CLICK HERE
To reach our general contact line: CLICK HERE
Mark Hanna, Founder & CEO, Directors Mortgage