Active Duty Housing Help

FOR IMMEDIATE RELEASE
Jacksonville, Florida, United States of America (Free-Press-Release.com) November 2, 2011 -- Military Forbearance Option

If you’re facing a financial hardship due to a death or injury of a service member on active duty, you may be eligible for a special military forbearance option. Read below for more details and for additional assistance, you can also visit Army OneSource or Military OneSource.

What is a Military Forbearance?

1

Active Duty Housing Help

Welcome visit Our WebSite:

http://cashmoneyhousebuyers.com

A forbearance is an agreement between you and your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specific period (usually between 90-180 days) of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

With a military forbearance, you may qualify for additional benefits such as a longer forbearance period—up to 6 months—and no adverse impact to your credit score (all credit reporting related to your mortgage loan will be suspended during the forbearance period). Additionally, a special hotline has been set up for additional guidance about this option and other mortgage assistance programs—877-MIL-4566.

Military Forbearance may be an option if:

You are ineligible or do not want to refinance

You are facing a financial hardship due to either an injury or loss of spouse in active duty
You are several months behind on your mortgage payments
Lower or temporarily suspend your monthly payment for up to 6 months—giving you time to improve your financial situation and get back on your feet
No adverse credit reporting (related to your mortgage loan) during the forbearance period
Stay in your home and avoid foreclosure
How does it work?

Forbearance reduces your monthly mortgage payment—or suspends it completely—during the forbearance period (usually between 90-180 days). If you qualify for forbearance, you and your mortgage company will sign an agreement that will outline the forbearance terms:

length of forbearance period,
reduced payment amount (if the payment is not suspended), and
the terms of repayment.

After the forbearance period has ended, you will need to repay the amount that was reduced or suspended. However, you usually have a few ways you can repay—moving the payments to the end of your mortgage, which will lengthen the term; making a one-time payment for the amount; or adding a specific amount to your payments each month until the entire amount is repaid (see Repayment Plan for more information).

If you are still struggling with your mortgage payments after the forbearance period is over, you may be able to qualify for a modification that would permanently change the terms of your mortgage.

More information can be found online at http://cashmoneyhousebuyers.com

active duty housing     air force housing     army housing     marine housing     military homes for rent     Military Housing     military rent     navy housing