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Mortgage Forbearance from Hurricane Ian

Hi, Michael McCarthy from Paramount Residential Mortgage Group Dream Home Lending Team Residents of South Florida that were impacted by Hurricane Ian may soon have an option to put their mortgage into forbearance. This can be a useful tool that can allow you to differ some mortgage payments. You will need to have a conversation with your servicing company and make sure that you know how and when you will be expected to repay the money back. The first thing to know is that forbearance is not payment forgiveness, you will be responsible for the payment that you missed at some time during the loan. The two most common ways forbearance works is the servicing company will allow you to miss a few payments and the accumulated interest will be added on to the back of the loan. Be aware that interest accumulates and if you are not making payments the new accumulated interest can result in your loan getting slightly larger. The other common forbearance method is that you are allowed to miss a defined number of payments but you will be expected to make those payments up in a defined period of time once the forbearance period is completed. For example, purposes only, the servicing company allows you to miss 3 months payments. After the three months you may be expected to make up the three payments over a six-month period of time, essentially making the next six payments will be at one and one half of your usual monthly payment. You may also have to take into account that if you are not making your monthly payment, there is not money going into your escrow account to pay your insurance or property tax. This may leave you with an escrow shortage that will cause your payment to adjust over the next year to fund your escrow account back up. Forbearance can be a useful tool for people affected by a natural disaster but it is imperative that you understand what will be expected from you to avoid mortgage issues down the road. Call the phone number on your mortgage statement and see what options may be available to you. If you have questions about this or anything mortgage related Give me a call Mike McCarthy PRMG #DreamHome Lending Team #PRMG #Mortgage #Homeownership