During these uncertain times, many people are struggling with the question, should I request a mortgage forbearance from my lender. That is not a simple question to answer unless you know the reasons why you need to request a forbearance and what the ramifications are.
First question is, can you continue to make your mortgage payments? If the answer is yes I can, then the answer is obviously no you should not request a forbearance. If the answer is not, then yes you should request a mortgage forbearance.
If however the answer is yes, but you won’t be able to afford something else like utilities, gas for your car to get to work, food for the kids, medication or so other necessity, then you probable should request a mortgage forbearance from your lender.
What is a Mortgage Forbearance?
Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time.
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