Have You Fallen Behind On Payments?
Here Are Some Options Available To You If You Have The Cash
- Reinstate account- Got A Large Amount underneath that Mattress? Just Pay Everything Due
- Repayment Plan (pay more monthly till caught up)
- Payment Deferral (puts a lien separate amount to be paid later)
- Receive full payoff (usually by selling the property)
See other options here if you don’t have the funds
If things have changed for you and you are sitting on a large chunk of cash under the mattress you can go ahead and pay everything that is past due and bring the loan current. This will bring your account back to its original status pre forbearance, pre covid, pre issues.
You have simply brought your account current and continue paying as agreed.
Most likely you aren’t laying on a chunk of cash. However, you are probably back to work.
Many of us have adapted to Covid and found different ways to make money online or from other sources. Everyone’s situation varies.
The banks have an option where you pay more monthly to bring the account current if you can afford it. These are payment plans set up which won’t require income documentation or a review process. They simply want payments as agreed. Look at this as you are paying more on a monthly basis for 12 months to bring the account current.
In most cases, your credit would not be affected negatively as Covid guidelines have protected consumers.
What if you are back to work but can’t afford more than what you were originally paying?
The government has come out with a relief program allowing you to defer the forbearance amount to a second lien.
What this means is the amount that is past due on the account would be separated into a different loan with 0% interest. This amount would be put in the back end as a balloon payment to be paid at refinancing or selling.
Essentially bringing your loan current so you can continue paying as agreed without having to do a loan modification. This is suitable for those whose income has not lowered monthly and just need assistance to get back on track.
Payoff- Selling Property:
Let’s look at it as if you have equity in your property. Meaning you owe less than what is the current market value. If you don’t see your options here for a short sale.
In a hot market, as it is today, due to the lack of supply, it is possible you have equity available as properties are selling for top dollar. If this is the case, you are in a great position. You have many options. From selling traditional or to a cash buyer. Cash Buyers do not ask to complete any repairs or have to go through the financing process.
This will depend on what you want to do. Perhaps the property is in a high tax area or not as desirable as you had thought. Prices have increased it is possible your property taxes have as well. There can be many reasons why to sell, you figure out what’s best for you.
If you sell the loan gets paid off and you get to keep your equity. If selling is not an option, then look at the other repayment plan options available. Servicers will help you in a resolution as the White House has come out with Covid relief programs.
There are modifications options available
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