Are you approaching the end of your initial forbearance period and wondering what to do? Are you wondering how lenders are wording the forbearance options in the agreements they are sending out? In this video, I talk about a viewer who reached out to me who had originally agreed to a 3 month forbearance where there was a lump sum payment due in the 4th month and the new agreement that was offered to him and I also show you a forbearance agreement from Union Bank and discuss the details of that letter.
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If you originally agreed to a 90 forbearance period in March then your 90 days will be over at the end of May, so what do you do now? In the case that you forbearance period is ending at the end of May, your lender or servicer should be reaching out to you to discuss different options. With that said, if you need to extend that forbearance period or change the original terms that you agreed to with your bank, then I suggest you start the process by reaching out to them instead of waiting for them to call.
Make sure you explain your situation and let the lender know that you need an extension on your mortgage forbearance plan or that you need a different repayment option.
Are you required to pay all of your missed payments in one lump sum?
No, you are not required to make all of your missed payments in one lump sum unless you are willing and able to do so. Additional options may include
1. extending the plan
2. a forbearance modification
3. a repayment plan
4. a loss mitigation retention or liquidation workout
Can I make partial mortgage payments?
Yes, most lenders are agreeing to hold those payments in a suspense account until sufficient funds are in the account to pay your oldest delinquent monthly payment.
If you have questions about forbearance mortgage or want to provide me with an update that you have received from your lender, please comment below or contact me directly.
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