what if you can't pay your mortgage after a disaster

What to Do if You Can’t Pay Your Mortgage After a Disaster

When disaster strikes your home, it may be unlivable for quite some time – at least until you have Michigan’s premier disaster remediation company come help you start over. Sometimes, though, it becomes impossible to pay your mortgage while you’re displaced because of an emergency.

If that happens to you, what should you do?

What to Do if You Can’t Pay Your Mortgage After a Disaster

When you can’t pay your mortgage because of a disaster, you can ask your loan servicer for mortgage forbearance. A forbearance allows you to stop making your payments for a certain amount of time. In this type of agreement, you might make partial payments, too – it all depends on what you and your loan servicing company agree to.

In many cases, forbearance can last up to six months; sometimes you can extend for an additional six months, too. When you’re under this type of arrangement, your lender won’t charge you late fees or report you to the credit bureaus for not making timely payments. Naturally, you’ll have to catch up on your payments when the forbearance period is over, which could involve paying a little more each month for a few years or modifying the terms of the loan in some way.

Do You Think You Have a Mold Issue in Ann Arbor?

If you suspect you have a mold problem in Ann Arbor or the surrounding communities, get in touch with a mold remediation expert today. Call us at 734-352-9183 or contact us online so we can schedule an appointment to analyze the situation right away.

 

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