Are there any alternatives to a mortgage forbearance in Ohio?

If you're a homeowner in Ohio and you're struggling to make your monthly mortgage payments due to a financial hardship, you may be considering a mortgage forbearance as a way to get some temporary relief. While forbearance can be a useful tool in certain circumstances, it's important to understand that it's not the only option available to you. There are several alternatives to mortgage forbearance that you may want to consider, depending on your individual situation.

One alternative to forbearance is a loan modification. With a loan modification, your lender agrees to change the terms of your mortgage loan in order to make it more affordable for you to pay. This might involve reducing your interest rate, extending the term of your loan, or even forgiving a portion of your loan balance.

Another option is a refinance. If you have a good credit score and enough equity in your home, you might be able to refinance your mortgage to a lower interest rate or a longer loan term, which could make your monthly payments more manageable.

You might also consider selling your home if you're unable to afford your mortgage payments. While this can be a difficult decision, it may be the best option if you're unable to find a more sustainable solution.

If you're not sure which option is right for you, it's a good idea to seek the advice of a qualified attorney. The law firm of Doucet Co., LPA has extensive experience helping homeowners navigate the complex world of mortgage forbearance and other options for dealing with financial hardships. If you need guidance, don't hesitate to call us at (888) 200-9824.