Will a mortgage forbearance lower my interest rate in Ohio?
Exploring Interest Rate Options with Forbearance
If you are struggling to make your mortgage payments in Ohio, you may be considering a mortgage forbearance as a way to get back on track. Mortgage forbearance allows you to temporarily stop making payments or to make reduced payments while you work out a plan to get your mortgage current. But one question that many homeowners have is whether or not a mortgage forbearance will lower their interest rate.
The answer is that a mortgage forbearance does not necessarily lower your interest rate. The interest rate on your mortgage is typically set when you take out the loan and is not generally affected by a forbearance. However, your lender may be willing to work with you to modify the terms of your loan, including the interest rate, as part of a plan to bring your mortgage current. This is more likely to be an option if you have a government-backed loan, such as a FHA or VA loan.
It is important to note that a mortgage forbearance is not a permanent solution to your financial problems. It is simply a temporary measure to help you get back on track. Once the forbearance period ends, you will be expected to resume making your regular mortgage payments. If you are unable to do so, you may be at risk of foreclosure.
If you are considering mortgage forbearance in Ohio, it is important to seek the help of a qualified attorney. The law firm of Doucet Co., LPA has extensive experience helping homeowners navigate the mortgage forbearance process. Our attorneys can review your situation and help you understand your options. Don't hesitate to call us at (888) 200-9824 for a free consultation.