Is Forbearance good for me and what is this?

Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is “holding back.” When mortgage borrowers are unable to meet their repayment terms, lenders may opt to foreclose.

Read the above definition slowly and read it twice. Do you want the bank to foreclose on your home? Some real simple advice from me, if you can afford to pay your mortgage, keep paying. If you are choosing to work with your loan servicer on the forbearance option, plan on selling before they foreclose on you, plan on having a lump sum due immediately when your agreement is up or hopefully your loan servicer may be “tacking” your deferred amount to the back end of your loan (if your lucky). Research before you make a decision on this and ensure you are planning wisely. Do not abuse this tool/option and call me if you would like to discuss your real estate goals and future during this pandemic. Please be a responsible home owner for yourself, your friends, family, your neighbors, our community and America.