JTS Mortgage Minute 4/14/20 - Mortgage Forebearance

During this difficult time, it's important to know the options available for anyone handling a mortgage or looking to purchase.

JTS is local and trusted and ready to assist your situation.

Record number of americans filed for unemployment support in march.

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Some mortgage lenders are offering leniency to customers who are having difficulty with their payments due to this sudden unemployment spike.

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The federal and state governments, along with some banks, are rolling out forbearance and other programs to help homeowners who have lost their jobs to stay in their homes.

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By definition, a mortgage forbearance agreement is an agreement made between a lender and a borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower to current status.

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Mortgage forbearance can last one month, a few months or even 12 months, depending on your situation, your mortgage and what your lender allows.

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During the time your mortgage is in forbearance, the amount of your payment that was reduced or suspended will continue to accrue.

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A lender can report a forbearance to the credit companies, but typically it will agree not to report any missed payments as long as you follow the terms you agreed to with the lender.

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The forbearance shouldn't affect your credit score and is certainly less damaging than a late mortgage payment.

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It is important for you to call your service provider to see what options are available to you as each lender's options may vary.

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Do not stop making payments!

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Communication with your service provider is key during this time.

Refinance 12.

If you are in good financial standing but have experienced setbacks during this time and need the additional cash flow, you could possibly have an advantage with the current mortgage rates being offered.

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Depending upon the amount of equity you have in your home, a cash- out refinance could help you consolidate some debt or provide a cash cushion during these turbulent times.

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Despite everything that is going on, we've seen that our customers still need mortgage assistance whether that be for purchase or refinance.

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Rates are starting to level back off and are making it easier for homebuyers to move forward with refinancing to save money and plan ahead.

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Call your lifetime mortgage advisor at jts & co.

To discuss your specific situation.

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We'll help you formulate the best plan for your mortgage to meet your needs.

Your lifetime mortgage advisor 18.

There's more to getting a mortgage than just pushing a button and that's why working local is so beneficial.

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At j-t-s and company we keep your goals and needs in mind as we structure your mortgage.

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Give us a call and let us help you through your homebuying or refinance plans.

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J-t-s and company is local.

Trusted.

And experienced and we've been making homeownership easy since 1996.

Thank you for joining me today, be sure to tune in next week!

Joining me today, be sure to tune in next week!

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