Forbearence plans are they good or not?

Asked by Bubbles, Berwyn, IL Fri Sep 30, 2011

if a person does not have enough income and has problems paying there mortgage ,but was denied a loan modification, but was offered a FHA Forbearence Plan for 3 mo. how is that gona help ?if your left to pay the differenc which is more than your mortgage payment ? then they ask are you behind on your payments but if its leading to that why they don,t help before you ge to that point ? instead of the bank helping the person they have there information. to see that the person is struggleing .

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Alex Pereira…, Agent, Farmington Hills, MI
Fri Sep 30, 2011
all a forbearance is going to do is allow you to skip or make partial payments for a couple of months and tack the balance to the end of the mortgage. It is meant only as a short term reprieve to stabilize. At some point you will have to analyze (just like the bank did) whether you can truly afford the payment. If you cant, taking a forbearance may allow you to look at selling options and buy you some time until you are able to sell the home.
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