Temporary relief when in financial hardship.
If a homeowner has temporary financial hardship, a forbearance plan can be a good way to help save their home from foreclosure.
A forbearance plan is an agreement made between the lender and the homeowner. The lender may allow the homeowner to miss a couple of payments, or may forgive a few of payments that have already been missed. The missed payments may be made at a later date. In most cases by making payment-and-a-half payments for several months in a row, after the missed payments. This repayment plan can be structured in several different ways depending on the lender.
The advantage of pursuing a forbearance plan is that it can avoid foreclosure and keep the homeowner in their home – if all the homeowner needs is a some time to make up missed payments.
Most people, however, are not eligible for forbearance plans. Many of those who do get forbearance approval are never able to catch up once the payment-and-a-half payments begin. They simply cannot afford these new, higher payments.
If your missed payments were due to a temporary hardship (e.g. you became unemployed for a brief period of time, but quickly gained employment once again), then it is likely that your lender will agree that a forbearance plan is right for you.
If, on the other hand, your financial hardship is ongoing (e.g. you had a loss of income that you were unable to replace), a forbearance plan will most likely be denied by your lender.
If ongoing financial hardship is the case and the homeowner is somehow able to get the forbearance plan approved – it will only be a way to delay an inevitable foreclosure. Make sure to call Sold ASAP if this is your case so that we can explore any and all better options that may be available to you.
They helped me take the existing equity of my old house to buy a new house. I retired to a new house with no mortgage!
When my mom passed, they helped by forwarding me a portion of the sale for expenses.
My husband and I were out of work, Sold ASAP helped us move and even advanced our deposit for our new place.
The house needed a ton of work, but they still offered me a very competitive price for it!
They advised us to wait 6 months for the market to go up. The wait helped us earn $10k more. We did not expect that level of honesty.
They bough my mom's house. We used the money to pay her medical bills and best of all, they allowed her to stay until her passing. Thank you.
I was due to be foreclosed on in 3 days. I called them up and they were able to get me out of it and made a significant amount from the sale!
We inherited a house with an underwater mortgage, they helped us with the sale and even managed to help us make a profit.
Selling a house with no equity is hard, I'm lucky I found you guys!
Get a fair and honest offer now.