Options To Consider When You Skip Your Mortgage Payment During The Coronavirus Pandemic
When you skip your mortgage payments during the coronavirus pandemic, you may be lost on what you should do. Galler Law offers many suggestions on options of what you can do if you are in the common situation where you have to skip mortgage payments due to the coronavirus pandemic. Many people are afraid that they will have to pay everything back at once after missing so many payments, but that is not the option as there are many repayment options. Five options that you can consider if you are skipping your mortgage payments during the coronavirus pandemic include:
- Forbearance Extension
- Repay All At Once
- Spread Payments Over Time
- Extend Loan By Number Of Missed Months
- Modify Loan
If you are skipping your mortgage payments during the coronavirus pandemic, you might be worried about how you will make those payments later on. Galler Law offers many suggestions on what you can do if you are in this situation.
The first option that you can choose when you are not able to make your payments on your loan is to extend the forbearance on your payments. With this option, mortgage servicers allow you to miss payments on your loan for three months at a time. You can then keep extending this forbearance if you need to by making additional requests for up to a year. By choosing to extend forbearance, you are delaying your options of securing a repayment plan. If you feel that you know what type of repayment plan you will be able to go with, then you should choose one.
Repay All At Once
You can choose to repay all of your missed payments in one lump sum. By choosing this option, you will be able to make up for all of your missed payments with one payment. This is a great option for people that know that they will have the total amount of money at a given time. While this is a simple solution, this is not an ideal or possible option for most people.
Spread Payments Over Time
Once you are getting money again and you can make your normal payments once again, you can choose to make your missed payments as well on top of the regular payments over time. This option allows you to make up for missed payments over a period of time, which is typically six months to a year.
Extend Loan By Number Of Missed Months
There is also an option to change the end date of your original repayment plan entirely by extending the loan by the number of monthly payments you have missed. With this option, you will simply be adding months onto the end of your original loan ending time.
If you are not able to afford the other option, you can also modify your loan entirely. With this option, you will be able to make your payments more affordable by changing the interest rate as well as the length of your loan by adding months onto it.
Consult an Attorney at Galler Law
If you’re experiencing a loss of income or work due to the Coronavirus pandemic, and looking for ways to restructure your mortgage or stop your mortgage payments during the Coronavirus pandemic, please contact an attorney at Galler Law, we offer a free consult to explore your options.
Call today (770) 671-8830