Forbearance offer


LoanSafe Member
I have been offered a three month forbearance plan and will have to pay twenty four thousand dollars August first which I won't 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?


LoanSafe Member
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.