What is a Foreclosure Forbearance?
A Foreclosure Forbearance allows for the mortgage payments to be reduced for a short period of time. In some cases, the payments can be stopped for a couple of months, giving you a chance to get back on your feet and save your home from foreclosure. In many cases, this can be a good option for you, especially if you are selling your property and wish to avoid foreclosure. Loss mitigation specialists can help you get a foreclosure forbearance. However, this option is not always right for you. It just staves off the debt, does not eliminate it or reduce it and can negatively impact your credit.
