04/14/2020
❗️FORBEARANCE IS NOT FORGIVENESS❗️
❗️IT DOES NOT ERASE WHAT YOU OWE❗️
💥IMPORTANT INFORMATION YOU MUST READ
🤔Mortgage and Rent forbearance math😱
-Dad and mom have a mortgage. It’s currently $2,000 per month.
-Dad gets laid off, during Covid 19, calls the services, and ask for a forbearance.
-In one phone call, he gets 3 months off from paying.
-Four months later, Dad is finally back to work, and hasn’t been able to save any money during the forbearance.
- Forbearance is Lifted and servicer says,” “That will be
$6,000(3 months)+ $2,000(current month) =$8,000 which is now due”
- Dad says, “Why??”
-Servicer, “That’s the three months of forbearance PLUS the current month.”
-Dad, “ Can we work something out?”
- Servicer, “ Yes, you have 3 options”
1. Pay all in full $8,000
2. Stretch it out in 6 months$3,000 per month
3 Stretch it out in 12 months$2,500 per month
-Dad, “I can’t afford that”
-Servicer, “Sorry “
-Dad, “Can I refinance?”
-Servicer, “ NO, because it’s a forbearance “
✅Please understand the seriousness of this. If your able pay your mortgage, Rent, and Bills.
If you have any questions you can always give me a call.
Hang in there. This too, shall pass.
