When you are ready to resume payments, the money from the forbearance needs to be paid back.
There are three ways to go about that:
- Lump Sum Payment: If you can afford it, the simplest thing to do is make a lump sum payment and pay off the whole amount you owe. That sounds like a big chunk, but one of the options you have is to pay whatever you can during the forbearance in order to cut down on the amount you owe at the end. Still, we understand not everyone has the money, so there are other options.
- Repayment Plan: The second option is to go on a repayment plan. With this, you make your regular mortgage payment plus some extra in order to pay off the amount you still owe from your forbearance over a set period of time.
- Modification: By modifying your loan, we can roll the balance back into the mortgage.