Kansas City Foreclosure Attorneys Talk Forbearance, Part 3 — In our last blog, we discussed how attorneys at KC Foreclosure are experts in navigating forbearance situations and how we will provide all the guidance you need. We will help you understand all your options and 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 exit forbearance.
In part three of our four-part series on forbearance, we will discuss how exiting forbearance works.
Kansas City Foreclosure Attorneys Discuss Exiting Forbearance Safely
Forbearance is like a band-aid to use for a short amount of time. Most forbearance options are for short-term assistance only. The assistance is usually only slated to last about six months. The CARES Act and other Covid-19 related items made it so that a lot of people received long extensions on forbearance loans. That is usually not the case.
Sooner or later, you will have to repay the amounts you missed. In order to do that, you will need to seek a loan modification to allow those payments to be addressed over time. Kansas City foreclosure attorneys can help with these modifications if needed. It is not always possible, and the servicer does not have to agree to any modification.
When you consider asking for forbearance, you may be wondering:
- Do I have to incur missed payments in one large lump sum after the forbearance period ends?
- Will my monthly mortgage payment amount change because of forbearance?
- What if I suffer a semi-permanent loss of regular income during the forbearance period?
- Will the delayed payments be counted as “late” and be subject to interest and late fees?
- What impact does forbearance have on my property taxes and insurance?
The Kansas City foreclosure attorneys want to help you navigate through the intricacies of using forbearance. Kansas City foreclosure attorneys will help you become more knowledgeable about forbearance, how to ask for it from your lender, and how to exit forbearance safely.
In the final part of our four-part series, we will discuss how Kansas City foreclosure attorneys can help you with forbearance. KC Foreclosure Law is skilled in understanding the implications of pursuing and exiting forbearance.
Do you need help with a lease option foreclosure in Johnson County Kansas? Call us today!
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. Your attorney’s primary role is to go over all your options when facing foreclosure. Foreclosure attorneys have expansive knowledge that can help you avoid pitfalls, save time, and provide the best chance of saving your home.
Your foreclosure attorney will meet with you to devise the best plan of action for your situation. This may involve loss mitigation, loan modifications, filing for bankruptcy, or discussing plans to represent you in court outright. Your Kansas City foreclosure attorney will give you professional advice while helping you make the best decisions for your unique situation.
