Is your Dallas-Fort Worth home loan in forebearance and your determining your options to find a way out? We can help!
Selling Your Home While in Forebearance
Put Your Home on the market and find a Buyer
Home prices in DFW have skyrocketed in the past 12 months. Dallas- Fort Worth has reported some of the highest home appreciation statistics since the pandemic began. You may be surprised how much your home is worth now, and now is a perfect time to sell your home if you're currently in a mortgage forbearance. Many of our sellers are still walking away with cash from their home.
Sell Your Home & Begin with a Clean Slate
Finding Your Next Residence
People hoping to buy a new home after ending mortgage forbearance by selling their previous home will need to meet basic requirements for credit score, down payment, debt-to-income ratio, and ongoing income/employment. While credit isn't usually impacted because of using loan forbearance on a previous home, lenders now have much stricter guidelines. It is recommended you talk to a mortgage professional before attempting to purchase a new home.
3 Ways To Exit Loan Forebearance Without Selling
Full Repayment
Which is a one-time lump sum payment. It’s possible to pay back all the missed payments at once. But lenders are NOT allowed to require this.
Intermittent payments
Where you arrange repayment with your servicer over three, six, nine, or 12 months — whichever makes the most sense — on top of your regular payments
Lengthen your loan term and pay off the missed amount at the end of the extended loan term, with additional mortgage payments
How Does OnDemand Realtors help Homeowners in Forebarance?
We are not a mortgage company. If you are looking for assistance with your current home loan in forebearanace we highly suggest you reach out to your loan servicer. WHERE WE DO HELP, is current homeowners in loan forebearance who are looking for a way out of their current loan in forebearance by selling their home and using their equity to get them out of financial hardship -- meaning the fair market value of your home is greater than what you owe on your home loan—you can sell your house and use the profits to pay back your lender.
How does your process work? We start by evaluating the numbers to see first and foremost if we can help. If you have enough equity in your home to pay off the current home loan balance as well as any fees/interest/penalties incurred during your time in loan forebearance then our program is for you. We will then prepare you for the homeselling stage, which involves a selling consultation and ensures we are getting every dollar of equity out of your home. See here to learn more about how we assist our sellers. Lastly, closing day! You will recieve your funds the same day minus your current loan balance and any fees/interest/penalties.
How do i know if i have equity in my home? Simple! Enter your home address above to see an estimate of your homes value. If your homes value is greater than your principal loan balance then you have equity!
I just checked my home valuation and I have equity in my home! Whats next? We would love for you to call us at 214.766.5833 or enter your information in the 'Contact Us' box below to begin your evaluation. Evaluations can be conducted in person at our office or through a phone call and take about 10-15 minutes.
What do you charge? Our evaluations on your homes value as well as your personal forebearance situation are completely FREE. We charge the standard Realtor comissions to sell your home and not a penny more if you elect to work with us.
Is this something i can do myself? In this situation we really do recommend you hire a professional to assist you. We have 8+ years of working with lenders & title companies in short sales and foreclosures. The CARES ACT is new to everyone in the Real Estate industry, however we have quickly adapted our current programs to loan forebearances and have had great success.
What happens if I exit forebareance but am not current on my monthly mortgage?
Your credit could be adversely impacted if you choose to exit the forbearance without first bringing the account current. If you do not pursue assistance, any unpaid suspended payments could become past due, which may lead to mortgage default and possibly foreclosure.
What is the difference between a loan modification and a deferment?
A deferment moves the past due payments — plus any advances made on your behalf, like taxes — to the end of loan. While a loan modification changes the terms of your loan that might suit your new circumstances; those changes primarily will aim to reduce your original monthly payment amount.
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The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information.
