What is a mortgage forbearance, and how does it work in Ohio?

A mortgage forbearance is a temporary arrangement between a homeowner and their lender to pause or reduce mortgage payments. It is typically offered to homeowners who are experiencing financial hardship due to circumstances such as job loss or medical bills.

In Ohio, homeowners who are struggling to make their mortgage payments may be eligible for a forbearance through the Ohio Housing Finance Agency (OHFA). To apply for a forbearance, homeowners must contact their lender and provide documentation of their financial hardship.

If the lender approves the request, the homeowner and lender will agree on a plan to either pause or reduce mortgage payments for a set period of time. The lender may also require the homeowner to pay a lump sum or make additional payments once the forbearance period is over in order to make up for the missed payments.

It's important to note that a mortgage forbearance is not a long-term solution and is intended to provide temporary relief. Homeowners who are granted a forbearance will still be responsible for paying back the missed or reduced mortgage payments in the future.

If you are a homeowner in Ohio and are struggling to make your mortgage payments, you may be able to get relief through a mortgage forbearance. If you would like to learn more about this option and how it may be able to help you, please don't hesitate to call the law firm of Doucet Co., LPA at (888) 200-9824.