Most lenders are offering homeowners the opportunity to delay the payments on your home loan. If fact some lenders have made it as easy as clicking a button on their website. We would like encourage you to research this option carefully and be sure you truly need to delay your payments before taking advantage of the forbearance option. There are many un-anticipated issues that arise if you are in forbearance including your ability to refinance to take advantage of today’s historically low interest rates or to purchase another home. Most lenders will not allow you obtain a new mortgage while you are in forbearance and for up to 4 months after you are out of forbearance. In some case you are required to make up all the payments at once and in other cases the payments will be added to the back of your loan. If you are considering forbearance please give me a call and I will connect you with a Mortgage Advisor at our sister company, Stanford Mortgage. It is important that you have good advice and a clear understanding prior to making a decision to take advantage of, or pass on, taking a forbearance.
PS. Interest rates are currently at 50 year lows and perhaps at rates never before seen in the United States. Now is truly a great time to buy that home you have always wanted or refinance your current home. Give me a call and let’s discuss your options and opportunities.