September 19th, 2020 10:05 AM by Juan Luis Rodriguez-Kohly
If due to the "Pandemic Crisis" you have been laid off, fired from your job, and your income stream has stopped to the point where you have not been able to make your Mortgage Payments on time, there is what is called "Forbearance".
"Forbearance" is an action you must request from the Lender or Servicer which collects your Monthly Mortgage Payment. This action deferrs an agreed upon number of payments to a later agreed date. Mind you, it does not eliminate the payments, it just postpones them.
Sometimes, the Servicer will include the principal, interest and escrow payments on the Unpaid Balance of the debt. Sometimes they will require a Repayment Agreement within so many months.
Mind you, YOU must request it from the Servicer or Lender. If you do, and within the agreed terms, it should not affect your Credit.
Don't avoid or delay talking to your Servicer. They are ready to try and help you.
Your comments will be appreciated. Post here or send them to RodKohly@Gmail.com * For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). Follow me in Facebook: http://Facebook.com/RodKohlyLO To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx