Are you a homeowner/property owner that received a forbearance during the pandemic? What are your options after the forbearance ends? 

If you are a Texas or Louisiana property owners and you have mortgage forbearance, once the forbearance ends, do you have a plan?

Once the forbearance ends, the mortgage company may expect you to pay the back due amount in full and resume normal payments.  If you can't which most of us cannot, then what?

Some of your options may be:

• Request an extension or renew the forbearance (This is not guaranteed. It depends on the loan company).
• Modify your mortgage through a loan modification. (you must qualify according to the bank's criteria.) Different loans have different rules. For instance, if you have a Fannie Mae Loan, you may be allowed to  pay the forbearance amount at the end of the loan and may not be required to modify your loan. 
• Sell your home (depending on the market you may get a profit.)
• Consider a short sale and have the lender forgive the difference.  
• Other options such as bankruptcy.

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Sooner or later the forbearance period will end. Be prepared and get ahead of the mad rush. You deserve to reduce stress levels during the pandemic. Contact us today.