Those who are in the process of purchasing their homes can sometimes hit financial snags that render them unable to make their monthly mortgage notes. One process designed to keep them from losing their homes is known as forbearance.
Homeowners can often stave off looming foreclosures through forbearance because it either postpones their immediate mortgage payments coming due or temporarily reduces the amount of the note they must keep up with each month.
Forbearance is just a stop-gap measure
The problem with forbearance is that at the end of the three- or six-month forbearance period, full mortgage payments must be made, including those reduced or delayed by the forbearance process. For homeowners who needed just a short break to catch their financial breaths, forbearance can be a great option to use.
But if this is just a short-term solution to an ongoing financial problem, it will probably not sufficiently solve your problem. Therefore, you may need to investigate other financial options.
You can sell a home during forbearance
One potential solution is to sell your home during the forbearance period. Especially if it is a seller’s market, this might be the best solution possible to your dire financial straits. You just need to be aware that all reduced or suspended mortgage payments still must be repaid if you sell the home.
Your real estate attorney can help you prepare for both the forbearance and home sale process to avoid falling into any legal pitfalls that could adversely affect the sale of your house in forbearance.