According to the Mortgage Bankers Association 2.7 million homeowners are on a forbearance plan, and knowing your options will help you make the best decision for your situation.
What are your options if you are in forbearance?
- Request COVID hardship forbearance- The key here is that you must call your mortgage company and request forbearance.
- Restructure your loan- If you are in forbearance you need to contact your mortgage company and create an agreement about options to repay the amount deferred.
- Cash out your Home equity- Fortunately our market in Colorado has remained strong and home prices have been rising swiftly. You may be able to sale your home and cash out your equity and use it to start a new season in life. Although a difficult decision, many homeowners are choosing to relocate for jobs, get closer to family, or pursue new adventures.
We provide a complimentary Home Value Market Analysis to show you what your home could sale for in today’s market and give you an idea of how much equity you have in your home. Contact for your free analysis today.
You can also click here to go to our Home Value Market Analysis page and request one through our website.