Want To Learn About Forbearance Consequences?

Are you already in forbearance in the Harrisburg Pa area? Has your bank allowed you to delay mortgage payments?

First, forbearance is not forgiveness.
You will still owe principal and escrow payments (tax, insurance) eventually. As a business, a bank will charge you interest by adding to the end of your loan or they might even want a lump sum for missing payments. Meaning, the bank does not want to be responsible for your payment obligations in the end. Banks are allowing forbearance under governmental guidance or business practices to help recoup non-performing assets. They are helping you temporarily but, eventually, the bill comes due.

What happens to escrow payments?
Most people pay their property taxes and home insurance through their mortgage payment. If your mortgage payments are delayed, ask your bank about escrow payments. It may be that you are on the hook for this part of your mortgage payment. Also, check with your tax authorities on how forbearance impacts tax payments. It is likely your government has no tax delay and you are on the hook for paying on time or with penalty.

Can you be foreclosed upon if in forbearance?
There are two answers to that. In the short term, if you were granted forbearance, then NO for the allowed period of delayed payments. In the long term, the bank will want their money and YES they do this through a foreclosure process. Again, check with your lender on the way to work out what you owe. As mentioned above, local tax authorities may place a tax lien to get their money too. Unpaid tax liens will eventually go to a tax sale. Tax sales and evictions are not necessarily covered in forbearance or eviction moratorium programs.

Are you in forbearance and want to avoid the foreclosure process now?  
We can buy from you in cash in the Harrisburg Pa area to settle owed payments and get you paid from remaining equity. We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now.

In mortgage forbearance? Yes, we can help! We can buy by bringing the payments and escrow up to date and getting you equity cash in your pocket.

You aren’t the first person to go through a forbearance and the financial hardship… and won’t be the last.  So don’t feel ashamed. It happens. We can help.

The best thing you can do right now is to educate yourself on your options.  Contact your lender to ask the impact of your delayed payments. While not all lending institutions have an answer, take the time to educate yourself on your

For some people selling your home is the best option (However, we’ll make a fair all-cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners CLOSE OUT FORBEARANCE OR STOP FORECLOSURE completely, and sometimes there are other options.  

Note that we are not a lending institution or financial advisor. Please contact your mortgage servicer or financial expert for what is best for you and your situation. We help by buying your house, resolving debts, and getting you paid.

We are home buyers in the Harrisburg Pa area who can help home sellers in different ways.

Fill out a contact form to get the selling process going with a fair cash offer.