Mortgage Relief - What are the options?
Here's a good overview of the different options that homeowners may hear about when
they ask their mortgage servicer about mortgage relief. It's good to have an idea of the different terms before calling your mortgage servicer.
Forbearance
This is the plan everyone is talking about since the passage of the CARES Act. It’s an agreement with your lender to reduce or delay regular payments for a set time. When the forbearance period ends, the postponed payments will be due all at once.
Modification
This is a legal process that alters the terms of your loan. For instance, a modification could lower your monthly payments by lengthening your loan term.
Deferment
This is a plan that allows you to postpone your payments for a set time then pay them at the end of your regular loan term. “Deferments” and “forbearances” are often used interchangeably, but they are different. A deferment is more beneficial for many because it eliminates the need to make up multiple payments at the end of a short postponement period. Deferments are not available from all servicers.
Payment Assistance Program
This is an arrangement that allows you to make up your postponed payments at the end of a forbearance period by spreading the cost over a period of time. Payment Assistance Programs are not available from all servicers.
Cash Out Refi or Home Equity Line of Credit (HELOC)
If you still have enough income to qualify, accessing equity in your home by refinancing or obtaining a secured credit line may be a good option for lowering your payments, consolidating other debts, and/or creating a cash cushion. A refi will be especially beneficial if current rates are lower than those on your existing financing.
If you have questions about these terms or want to discuss options for a refinance or HELOC, please contact the Jasmine Team directly.
Testimonials
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I have known Rob Dietrich for over two years and have been extremely impressed by his commitment to the real estate market. I have been a professional real estate investor for over 30 years with apartment complexes, homes, etc, and I believe that Rob would the best choice for anyone looking to buy or sell their home in the Hamilton Mill or surrounding areas.
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- Bernie McClure
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Rob helped us find a home as we moved across the country from the state of Washington during the outbreak of COVID-19. He spent an entire day doing face time showings for homes we had chosen. A few days later Becky flew to Atlanta and he spent an evening and a day showing houses and interesting areas we might want to consider. We found a home (new build) and made an offer with his help. Rob is a great. listener noting our likes and very attentive to detail. He absolutely went above and beyond! Because we were not in town he attended the home inspection and also a walk through with the builder. Rob was always ready and willing to stand in for us! His demeanor and attitude is impressive! We highly recommend Rob!
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- David W Martin III
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Rob was an invaluable resource for looking and eventually closing on our Gresham Park home. Rob had the foresight to build verbiage into our agreements with sellers that covered so many bases. Prior to closing, two trees came down on the property but luckily for me, Rob structured out contract to make sure the trees were removed from the property and stumps grounded. But, it doesn't stop there, Rob's contract also covered a downed wire that was a result of pod storage removal job and a thorough move out clean up. I couldn't be happier with our experience with Rob!
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- Matthew Kuruvilla
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Rob was extremely helpful in our search for our new home. I was relocating with my company so we had to find the right home as fast as we could. He was so thorough and patient during the whole process. He was organized and really listened to what I wanted - not just what was available. He made the best use of our time (which was limited). He has continued to be a great resource even after the closing and adds a genuine personal touch to the whole process. I would use Rob again with no questions! Five stars from me!
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- Rhonda Wingard
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