MIAMI – South Florida residents whose homes or businesses were damaged by Hurricane Irma are eligible to receive mortgage assistance and delay payments for up to 12 months.
Since the state has been declared a federal disaster area, homeowners and business owners can receive a forbearance payment on mortgages.
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A forbearance allows a person to stop making payments, or make partial payments for a specific length of time agreed-upon with lenders.
According to FOX Business, a forbearance agreement generally lasts six months, but can be extended for another six months.
Under the agreement, the mortgage holder will not be charged late fees.
However, once the agreement ends, the lender will expect a homeowner to catch up to their missed payments by paying a bit extra every month or modifying the loan.
A forbearance agreement must be applied for with your lender and it is suggested that you speak with the Department of Housing and Urban Development beforehand at 1-800-569-4287.
If you fail to inform your lender about stopping mortgage payments, your credit score could be hurt irreparably.
CLICK HERE if your mortgage is owned by Freddie Mac.
