Because of the coronavirus, millions of borrowers have fallen behind on their mortgage payments. Most banks gave homeowners the option to pause their mortgage payments for 6 to 12 months. Now that those 6 months are up banks have began demanding all 6 months’ worth of payments at once.
You have two choices: refinance the loan, or get foreclosed and evicted.
If you happen to have great credit and qualify for refinancing, banks will always persuade you to refinance the loan. They tell you that your default will simply be lumped into a brand-new loan.
What the bank and real estate agents will not tell you:
· Your home would not be paid off for 30 more years.
· That slight increase in your monthly payment over the next 30 years can add up to a monstrous $70,000 in extra payments you would make over the life of your loan!
· PLUS, you need to include the closing costs and title fees they will lump into that loan. That means, in the long run, it costs you an extra $80,000 if you’re lucky!
What would you do with $80,000 if you didn’t have to pay the banks?
· Two brand new vehicles
· College tuition for your children?
· Invest it in a retirement account that could grow to over $150,000 in the next ten years?
The money you could save could be life changing for you and your family! Do not waste tens of thousands of your heard-earned dollars on long-term interest payments by re-financing and contracting into a new loan. Save that money for your family!
If you or someone you know are behind on mortgage payments, visit https://www.msflaw.org/foreclosure to schedule a consultation with an experienced attorney who can help you assess your legal options and take advantage of the laws available.
MSF Law is a debt relief agency who helps consumers file for relief under the US Bankruptcy Code.
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