Millions of Americans, many here in Tennessee, have needed help making their mortgage payments this year. Are you one of them? Did your need for financial assistance lead you to apply for and accept a mortgage forbearance? Don’t let your need for forbearance lead to foreclosure.
A forbearance works in one of two ways. It either reduces how much you have to pay a month or suspends your mortgage payment entirely for a set period. Once the forbearance period is over, you have to repay what was owed during that time. Some mortgage lenders require that it be paid immediately and all at once, while others may allow their clients to spread the repayment out over time.
Many people, unfortunately, find that they are unable to meet the repayment terms set by their mortgage lenders. Some lenders may be willing to work with their clients to make repayment more affordable; others, however, are not and may choose to start the foreclosure process so they can recover at least some of the money owed them. Thankfully, there are things you can do if the latter applies to you.
If you find yourself unable to meet your mortgage lender’s payment demands, and the lender is threatening to foreclose, the sooner you get help addressing the matter, the better. An experienced Tennessee-based bankruptcy law attorney can review the details of your situation and assist you in taking actions to prevent foreclosure — such as filing for bankruptcy or other forms of debt relief. To learn more about how legal counsel may be able to help you keep your home and better your financial situation, please take a moment and visit our firm’s website.