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The Real Estate Market

Karen The Realtor selling in the Greater Fall River, MA areas

By Karen J. McLinden | Agent in 02721

Fighting Foreclosure Part 4

This option lets you deal with short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

Option four:

Forbearance of Payments This is when are giving a short break from making mortgage payments. With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time

  Pros:

  It allows you to keep your home

  A minimal credit score drop

Cons:

 The relief is only temporary

  You may have to give up some rights on your loan

If you know your financial problems will be short term this may be a good choice for you.  The banks may negotiate a one time payment for the payments that were missed, or they can increase your payment by a small amount each month, or it can be added to the end of the loan extending the term.

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