Kansas City Foreclosure Attorneys Talk Forbearance, Part 2 — In our last blog, we discussed how attorneys at KC Foreclosure are experts at navigating forbearance situations and how we will provide all the guidance you need. Our team will help you understand all your options.
We are here to help you weigh the positives and negatives and develop a strategy that works best for you. Kansas City foreclosure attorneys will navigate the process of forbearance, but first, you need to know how to request forbearance.
In part two of our series on forbearance, we will discuss how requesting forbearance works.
Kansas City Foreclosure Attorneys Explain How to Request a Loan Forbearance
Have you been regularly making your mortgage payments? Getting a loan forbearance is relatively easy if you have always made your house payments on time and never been delinquent on your monthly bill. In many cases, you need to speak to your service provider.
Your service provider is who you have your loan through. A Kansas City foreclosure attorneys gives the example of the bank or lending institution that currently manages your payments.
In most cases, you contact your provider, and they set the pace for getting forbearance started. Often you must provide some reasoning for the request. There are a lot of principal reasons for needing forbearance. These typical reasons include:
- A sudden loss of income
- An injury or illness requiring substantial medical care
- A natural disaster- tornado, flood, earthquake, or hurricane
A Kansas City foreclosure attorneys might tell you that many people were able to secure forbearance after surviving Covid-19. Each state has its restrictions, but many gave relief during times when Covid was most prevalent. If Covid restrictions resulted in people being unable to work, forbearance was an excellent option.
Kansas City foreclosure attorneys warn that you should avoid entering a forbearance program without knowing how you will eventually exit it. Inevitably, you will have to resume regular payments. Many providers allow forbearance but withhold essential information.
That information includes terms, conditions, and caveats to reducing your payments. The old saying usually proves true, “if something seems too good to be true, it usually is.” The failure to provide you with this information is against the law, and often you need an attorney to help you sort through your rights. Kansas City Foreclosure Attorneys is very knowledgeable and will make sure you know your rights.
Now you have elementary knowledge about what forbearance is and how to request it if you need it. We discussed needing a reason to use it and making sure to consult Kansas City foreclosure attorneys before agreeing to the terms or if you have already accepted a forbearance loan and were unaware of the agreement.
In the next part of our four-part series on forbearance, we will discuss how to exit forbearance as it does not last forever safely.
We are your source for lease option foreclosure help in Johnson County Kansas
Do you need Kansas City foreclosure attorneys? Real Estate law is a wide-ranging practice area. KC Foreclosure Law is your one-stop shop for favorable outcomes across the spectrum of real estate law. From filing a quit claim deed in Kansas City to trustee assistance.
KC Foreclosure Law is here for you whether you need to transfer property ownership, litigate complex ownership disputes, evict a tenant, or even find yourself in the middle of a closing dispute. Our contract for deed lawyer in Kansas City is here to help you with everything from redemption rights in Kansas City to mortgage defaults.
Our attorneys frequently advise clients on foreclosure matters, including losing your home and working through forbearance. If you find yourself at risk of losing your home call KC Foreclosure Law for a free consultation.
