Forbearance offer

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Vavouna1

LoanSafe Member
Feb 24, 2017
13
3
3
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I have been offered a three month forbearance plan and will have to pay twenty four thousand dollars August first which I won't have..my income has been affected because of COVID19. What will happen in august when I don't have that amount? This will actually make matters worse. I was hoping they would modify my loan..has anyone experienced this or can give me some ideas?
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just_me

LoanSafe Member
Sep 14, 2015
643
63
28
Try your best to keep this debt FULLY UNDER 6 months' past due. A rolling late is the best you can do to buy time to modify once your income re-stabilizes in the future. (In some cases, private lenders are not bound by this and will proceed at 3 months.) HOWEVER, during a pandemic you might get some reprieve by foreclosure moratoriums and temporary court closures.

Once all is said and done, your past due will likely be capitalized as principal in a future modification.