During this unprecedented time, many homeowners, tenants, and landlords are struggling to save their properties and homes from foreclosures or evictions. Few, if any, are exempt from the effects of the 2020 pandemic. If you are one of those who have lost your job or have accepted lower-income, we are a resource who can help. Money needed for necessary repairs to the home you occupy may be hard to find. We are here to alleviate your stress by directing you toward the right ways to save your credit and your home or downsize in a dignified way.
If you are a tired landlord and your tenant cannot pay the rent, this is a definite hardship for you. Your mortgage loan plus other monthly costs are still due and payable. Because of governmental waivers over evictions for rent nonpayment, your property and credit are at risk. Lengthy Texas eviction diversion programs will add court and trial time to an already frustrating situation. We can help guide you through this jungle of financial indebtedness.
What is Forbearance?
- If you have a mortgage loan delinquency or in danger of delinquency due to a temporary financial or medical reason, you may be eligible for this program with your mortgage lender.
- The mortgage loan lender may reduce or suspend payments for any period up to a year. Depending on the circumstance, an extension may be granted.
- Late fees may be waived by the mortgage lender.
- Forbearance will help protect your credit because the lender has agreed to this arrangement. Usually, this is not viewed in a negative manner if reported to the credit bureaus.
- Forbearance helps you avoid foreclosure and is less damaging than missing a payment.
- To qualify for a Tyler, Texas mortgage forbearance, your monthly expenses must be a certain percentage of your income.
- Your home must be your principal residence and you may not permanently vacate the property.
- You must pay the entire past due balance or be offered other mortgage terms or a modification at the end of forbearance.
- Ask your mortgage loan lender for either forbearance or deferment. A deferment is when the lender will allow you to discontinue making payments for a specific period. However, those mortgage loan payments along with principal and interest will still be owing when the final loan is due. Remember that interest will still be accruing until the mortgage is finally paid off.
How to Repay the Missed Payments After Forbearance
The mortgage loan lender may offer the following solutions:
- A repayment plan is simply where an extra amount is applied to the normal monthly payments until the outstanding amount owed is paid in entirely. This can be granted for six months or less.
- The terms of the mortgage can be adjusted and/or extended. The loan may acquire a new interest rate, or the unpaid amount may be interest-free and due upon the end of the loan.
- The loan may be reinstated where the mortgagee pays all they owe at once. A “lump sum” is also used in this context.
What You Should Do Next?
Act quickly. Saving your credit is important after moving on after forbearance. We offer sound advice pertaining to your circumstances. If you are not able to afford those high payments anymore, we can help.
Your credit is your reputation and carries significant consequences, especially now. It is the ticket to being able to qualify for a new affordable home or better rental once things get back to normal. Other benefits of good credit are lower interest rates and affordable monthly payments. Inaccurate items that go undetected on your credit summary could be costing you thousands of dollars yearly.
The Neighborhood Services Department of the City of Tyler is offering a Homebuyer Assistance Program. It assists with down payments and buyer’s closing costs. Other grants for first-time and repeat home buyers in East Texas are available, but only if you qualify. It is necessary to have a secure home for you and your family which is not threated by financial ups and downs. How you handle your debts has a significant impact on achieving your goals. We approach credit repair as the key to your financial health.
Our mission is to stand beside you during these turbulent times. Our goal is to save hundreds of families from the devastation caused by these challenging times and help them get past the hurdles of repairing and replacing homes and credit. We are here to help landlords in the Texas area to get rid of some or all of their properties and cash out to allow them financial security without the need to do major repairs.
We Buy Houses Fast for Cash. No repairs need to be done. We also assist with Credit Repair and can give you a free evaluation. Send us an email to schedule a call or text us anytime for more information on how we can assist.