Is it possible to refinance my mortgage after a forbearance in Ohio?

If you're a homeowner in Ohio who has entered into a mortgage forbearance agreement due to a financial hardship, you may be wondering if it's possible to refinance your mortgage once your forbearance period is over. The answer is that it's possible, but it's not necessarily easy.

The first thing to understand is that refinancing your mortgage after a forbearance will depend on your individual circumstances. Lenders will consider factors such as your credit score, income, debt-to-income ratio, and the value of your home when deciding whether to approve a refinance. If you have a good credit score and enough equity in your home, you may be able to qualify for a refinance even after a forbearance.

However, it's worth noting that entering into a forbearance agreement may have a negative impact on your credit score, which could make it more difficult to qualify for a refinance. If you're concerned about your credit score, it's a good idea to work with a credit repair specialist to improve your credit as much as possible before applying for a refinance.

It's also important to keep in mind that you'll need to catch up on your missed mortgage payments before you can refinance. This means that you'll need to pay back the full amount of your missed payments, either through a lump sum payment or a repayment plan.

If you're considering refinancing your mortgage after a forbearance in Ohio and have questions about your options, 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.