A Forbearance Plan

To Avoid Foreclosure

The best way to keep your Mesquite TX house when a homeowner has a temporary financial hardship is a forbearance plan.

A forbearance plan is an agreement made between a lender and the houseowner where the lender allows the houseowner to miss a couple of payments (or forgives a couple of already missed payments) and then requires the houseowner to make up the payments later – in most cases by making payment-and-a-half payments for several months in a row after the missed payments. The re-payment plan can be structured in several ways.

Forebearance plan to avoid foreclosure in Mesquite TX

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    Advantages and Disadvantages

    The advantage of pursuing a forbearance plan is that it can avoid foreclosure and keep a houseowner in a Mesquite house that they really can afford – if they can just be given time to catch up on their payments.

    The disadvantage to a forbearance plan is that most people are either not eligible for these plans, or those that are,
    not able to ever catch up once the payment-and-a-half payments period begin. They just cannot afford the new or continued payments.

    Forbearance plans, if approved, usually delay foreclosure but often don’t permanently prevent it. Before exploring this option, make sure you talk to a real estate expert such as Dallas Houses for Cash about all of your options! Regardless of your situation,  if you would like to discuss all of your options for selling your Mesquite house quickly to avoid foreclosure contact us.