Got a Mortgage? Can’t Pay Rent? You NEED this Info!

If during these hard times you are unable to pay mortgage or rent then you have an option to get relief and possibly not pay the next three months. (Note: this is especially geared to Americans, but check with your government’s offerings).

Here is how it works.. If you have a mortgage:

You can contact your bank and if your mortgage is issued by Fanny May or Freddie Mae (44% of all mortgages) then you can get a forbearance. A mortgage forbearance is an agreement by you and the bank not pay the next three months and that’s great BUT, there is a HUGE downside.

The bank will most likely send you a contract that pushes your next 3 payments out. The problem is that you will need to pay 4 months of payments at the end of the forbearance.

YES ALL 4 MONTHS WILL BE DUE ON THE SAME DAY!

So, what is the solution? You will need to negotiate with the banks to add those 3 months to the END of the loan.

This solves the problem for both the landlord and the Tenant.

If you are a tenant then you need to communicate with your landlord and let them know their options and then ask what they can do for you knowing that they do not need to pay the mortgage and won’t be put in a position to evict you.

You might be thinking this means that you don’t ned to pay any rent since your landlord doesn’t need to pay the mortgage but, they still have other costs like property tax so negotiate to pay SOME money.

Like I said, these are tough times and communication will be the key to your success..

Wishing You Success, through God’s Blessings,
Ruth

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