Unemployment Forbearance Question?

leahnicole

LoanSafe Member
Oct 24, 2013
29
1
3
NORTH CAROLINA
I spoke to Chase tonight after getting a Notice of Intent to Forclose letter. We are two months behind. Applied for Mtg Assistant a few weeks back. The customer care rep said that we are eligible for an unemployment forbearance and when that ends we can apply for a loan modification.

What happens to the unpaid money we don’t pay after the forbearance ends? Is it due at once? If I skip the forbearance option the rep said we could just go ahead and apply for the modification now? Not sure the best option. I hope to be back to work soon but it’s taking longer than anticipated of course. Any advice?

Thank you!!
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
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Southern California
www.loansafe.org
Hello,

Yes, the money will need to be repaid back. They may give you three options. One would be to make a one-time payment of the full amount due which would reinstate your mortgage. You can pay extra every month to an agreed repayment plan or you can go with a loan modification.

The main issues you will have when you start work will be cash flow and be getting back on your feet so either a repayment plan or a loan modification may be your only options.

Good luck finding work!