Mortgage forbearances could be ending soon
SAN ANTONIO – We are now well over a year into the pandemic and some of the financial relief companies provided, may be coming to an end soon.
For example, mortgage forbearances many took advantage of.
Greenpath Financial said get ready for those bills to resume. The first thing they mentioned is, forbearance doesn’t mean forgiveness.
The payments you haven’t been making over the past year didn’t disappear, you just weren’t actively paying the loan down.
Adding, those forbearance programs were a year long. So, depending on when you took it, the expiration date may have already hit, or might be coming up soon.
“The most common repayment option in a forbearance is just adding that to the extension of a loan, that’s the most common thing,” said Emily Reed, Client Services Leader for Greenpath Financial. “But, there’s other options where if the borrower has the ability, they can just reinstate and make a lump sum payment, they could make intermittent payments, they could do a loan modification with their mortgage company, there are different things that are available.”
She said some companies could offer extensions, but that depends on the lender and their policies.
Reed said Greenpath is a housing counseling organization, so if you’d like to get professional financial help, that’s always an option, as well.
