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Deborah Biancofiore
423 320-5121423 320-5121

FORBEARANCE-What Is IT?

Sounds bad-why does it sound like foreclosure? Foreclosure is when the lender takes possession of your home because you haven’t kept up your payments. Forbearance is when the lender temporarily suspends your mortgage payments.

Why would they do that? Because it would be more expensive for them if you default on your loan so this forbearance period allows you to get back on your feet without losing your home. It’s not without drawbacks, as nice as it sounds-you will have to pay it back and those arrangements will be between you and your lender. Government backed loans will not have to be paid back in a lump sum. I have links below to see what kind of loan you have.

The good news is that if your forbearance is during the coronavirus it will not harm your credit as it usually would and millions of people are already taking advantage of it during this unprecedented era. For a detailed look at forbearance visit The Consumer Financial Protection Bureau Website – Guide To Coronavirus Relief Options:      https://www.consumerfinance.gov

To see if your loan is government backed    knowyouroptions.com     Fannie Mae

ww3.freddiemac.com      Freddie Mac

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About Deborah Biancofiore

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Deborah Biancofiore

debbieb.realestate@gmail.com

423-799-2253423-799-2253 main

Weichert Realtors Yerbey Realty

3861 Hixson Pike Chattanooga TN 37415 (423)267-0544 office

Reviews

5tlightaul

We were new to the area. Deborah sent us listings on a daily basis. When we found one we liked she was there for us 100%. She helped us navigate the process and we ended up with a wonderful home and a great buying experience.

Review Deborah Biancofiore on Zillow.com

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