Can I Sell My House While In Forbearance?
AuthorKelsey Heath. Date:
Times can get tough, and when that happens, making ends meet and paying your mortgage can seem impossible. Fortunately for homeowners, mortgage lenders offer ways to help borrowers experiencing financial hardship. Instead of going straight into foreclosure or being forced to sell your house, you can negotiate a mortgage forbearance. Mortgage forbearance is when a borrower and lender agree to either temporarily pause mortgage payments or agree to a lower payment amount. This type of loan modification is helpful to homeowners who might experience the loss of a job, illness, or other hardship. The goal is for the borrower to have a period of reprieve before resuming and catching up on their mortgage payments. It’s important to note that the borrower will still owe the total amount of any missed payments, just at a later date. Unfortunately, not all borrowers can improve their financial circumstances within the forbearance period. If … Continued
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