How Does A Forbearance Affect Your Mortgage?

It’s safe to say that we’re in a very unknowing time right now. Millions of people are losing their jobs and not able to make money for their families. The government has tried to step up and provide multiple ways to help these families out during this time. One of the ways they are trying to help is by allowing homeowners to stop making mortgage payments during this hardship. While this may sound like a great idea, we’re going to dive in on the pros and cons of how does a forbearance affect your mortgage.

First, lets talk about what a forbearance is in regards to your mortgage. Forbearance is when your mortgage lender allows you to stop making your mortgage payments for a time period. Forbearance doesn’t make those payments go away for good. You will have to make up those payments once you get back on your feet. Depending on your lender, they may have different options of paying back these missed payments.

Now let’s talk options! If you can afford to pay your mortgage, do it! Don’t look at this as a time to save some extra cash. We’ll explain in a bit why this isn’t a great idea. If you can’t afford your mortgage, call your lender immediately and let them know so they can go over options. Right now, you can suspend payments for up to 180 days and then request more time once you hit that time frame. If you go this route, you will need to explain how the coronavirus has affected your income and why you can’t make your payment. Also, under the CARES Act,  your lender  may not foreclose on you for 60 days after March 18, 2020.

It’s important that we look at the pros and cons of how does forbearance affect your mortgage.


  • Stop making payments and puts extra money in your pocket
  • No late fees
  • No hit to your credit
  • Foreclosure proceedings will be suspended


  • Some lenders will require payment in full after the 180 days
  • If you can’t pay back in full, they can offer a repayment plan that will increase your mortgage
  • With higher mortgage payments, it may be hard to catch up on the mortgage balance

The key take away from this, is to really look at your finances and see what you can afford to do. A forbearance does not forgive the missed payments, it just delays them. Your lender will require the missed amount to be paid back in full at some time.

Here at Mac Home Development, we understand homeowners might not be able to make payments right now. Please call us so we can go over all options you have as a homeowner. Our services are free and we can give you multiple options for you and your family! Call us today at 904-416-9398 and we’ll explain how does a forbearance affect your mortgage


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