A homeowner who can’t pay the mortgage may ask the mortgage company if they can forbear from paying the loan, also known as forbearance. Forbearance occurs when the mortgage company agrees to allow the homeowner to make a reduced mortgage payment, or temporarily stop paying the mortgage altogether.
Forbearance may be helpful if the homeowner is having trouble making the mortgage for a short period of time. However, if the homeowner believes the financial trouble will last longer than that period, the homeowner may want to consider a mortgage modification instead of forbearance. Mortgage modifications can either be temporary, like forbearance, or permanent, depending on the type of mortgage modification that is agreed to.
The Mortgage Modification Center
If you cannot pay your mortgage, and are wondering if a mortgage modification may be right for you, please contact the Mortgage Modification Center at (401) 467-7998 for your free initial consultation. Attorney John S. Simonian has handled hundreds of mortgage modification cases, and may be able to help your family stay in your home.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.