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Gainesville Short Sale: Option #1 To Avoid Foreclosure: Forbearance

By Ben Curry

Gainesville FL – A forbearance is when you catch up all your back payments and continue paying your original mortgage payment. This is a good option for many. However, it doesn’t reduce your payment as much as a loan modification does.

Most lenders are glad to negotiate a forbearance. The one advantage is that the process is much shorter. You avoid the lengthy and troublesome loan modification process. A forbearance can normally be approved in two weeks to a month. Contrast this with the one to six month process associated with loan modifications.

The big drawback with a forbearance is that it doesn’t reduce your payments. In fact, the first 12 months are tough. Here is why. You are re-paying the back payments during those 12 months.

This means your monthly payment actually increases. If you were paying $800 a month before, you are paying $1,150 during the forbearance. Many homeowners accept a forbearance only to default because they can’t afford the higher payments.

A good loan modification is what they really need. However, the lender will be reluctant to approve it. Why? Because they already defaulted on the forbearance. This is why I recommend you only ask for a forbearance if you can afford the higher payment.

Was the original reason you defaulted because you could not afford the payment? In this case, a loan modification is a better option. Our Gainesville loan modification kit has the instructions you will need to get a loan modification approved.

Thanks for reading this, Chris Curry.

Chris is a real estate agent at Keller Williams Gainesville Realty.

Phone: (352) 332-6611.

For more info visit http://www.gainesvilleshortsaleblog.com/

Chris Curry and his team specializes in loan modification assistance and short sales in Gainesville Florida. Gainesville Loan Modification Help, Gainesville Short Sales.

Learn more about keyword #1. Stop by Ben Curry’s site where you can find out all about keyword #2 and what it can do for you.

categories: Gainesville Short Sale, Gainesville Loan Modification, loan modificatoin, Short Sale, Short Sale Blog, Foreclosure, Short Sales, Gainesville Foreclosure

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Topics: Real Estate | Comments Off

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Article Citation
MLA Style Citation:
Curry, Ben "Gainesville Short Sale: Option #1 To Avoid Foreclosure: Forbearance." Gainesville Short Sale: Option #1 To Avoid Foreclosure: Forbearance. 10 Jul. 2010. uberarticles.com. 26 Feb 2016 <http://uberarticles.com/real-estate/gainesville-short-sale-option-1-to-avoid-foreclosure-forbearance/>.

APA Style Citation:
Curry, B (2010, July 10). Gainesville Short Sale: Option #1 To Avoid Foreclosure: Forbearance. Retrieved February 26, 2016, from http://uberarticles.com/real-estate/gainesville-short-sale-option-1-to-avoid-foreclosure-forbearance/

Chicago Style Citation:
Curry, Ben "Gainesville Short Sale: Option #1 To Avoid Foreclosure: Forbearance" uberarticles.com. http://uberarticles.com/real-estate/gainesville-short-sale-option-1-to-avoid-foreclosure-forbearance/


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