Lenders are handling forbearance repayment in different ways, so you need to know your options. Do you have a Forbearance Exit Plan? Hi, I’m Cheryl Hazel with the Cheryl Hazel Team and AllHomesinSouthFlorida.com at Realty 100. If you are not in a position to take on a larger payment each month to pay back the forbearance amount, you may want to consider selling your home, to benefit from the equity and be able to get into something more affordable. Most homeowners in South Florida have realized an approximate increase in home equity of about 24% in the last year or so.
The ideal position would be to have the ability to refinance into a lower rate and cash out on some of that equity. Unfortunately, lenders are not refinancing homeowners out of forbearance. Unless you are lucky enough to have a lender who will defer your forbearance to the end of your loan term, you are likely in a position to have to make repayments or in a position to have to sell your home. There are several ‘good’ pieces of news for you: you probably have amassed enough equity that will more than cover your forbearance amount and then some, we are in a Seller’s market so there is a lot of Buyer demand which raises the value of homes, interest rates are very low, and best of all - the forbearance has not adversely affect your credit.
First, you need to know how your lender is handling the forbearance repayment. Second, you need to call your lender and request a payoff so you know exactly what is due. If you make the decision to sell, we can give you an accurate market value of your home so you know what your proceeds will be at closing and how much money you will end up with after the payoff. I know this is a very stressful situation and something that you want to keep private. If you have equity in your home, there is absolutely no reason that anyway needs to know your business. You can get under contract and close without the other party or agent knowing of your forbearance. You will be offered confidential services with my team because we value your privacy as part of the fiduciary responsibilities to our clients. Call me today and let me take some stress out of your life. There are plenty of buyers out there!
Our preferred lender can look at your financial picture to see what you're buying power is for a new home purchase. I’m happy to pass along that contact information to you when you are ready. You can reach me at 754-207-4504 or email me at email@example.com. Helping you get what you want, and moving on to a better situation is my goal. For a copy of this information click on this link.