Do you remember Wimpy J. Wellington? He was the ...um...largish... guy that appeared in a lot of the old Popeye cartoons and movies. He was famous for a couple of things: Smooth talking his way in front of a juicy hamburger and rarely (if ever) paying for it.

This is essentially what happens if your lender grants you forbearance on your mortgage loan. Your lender is basically saying I know your loan payment is due, but Im such a stand up guy that Im willing to let it slide.

First of all, this is a highly unlikely situation. Ive read a number of articles in the news media lately advancing the idea that the average homeowner can call their lender on the phone, give a sob story, and the lenders knee-jerk reaction is to grant your forbearance request. This misconception couldnt be farther from the truth.

However, while it is unlikely that your lender is going to be overflowing with generosity, in certain limited situations, they might be willing to let you slide for a short period of time without taking legal action against you.

Before you jump for joy, this strategy is fraught with pitfalls, because if they do allow you to skip your payments for awhile, late fees, interest, and other fees will continue to accrue to your loan balance. What may look like an early Christmas present, could in fact be financially devastating to you as a homeowner.

Why do I say this?

In Wimpys case, he was usually trying to scam a hamburger out of a friend. If youre behind on your mortgage payments, youre not talking about hamburgers and youre not dealing with friends. Youre dealing with a financial institution that is primarily interested in being paid. They deal in cash, but if thats not available, theyll settle for whatever they can get.

On the one hand, your lender may be granting you forbearance, but you need to watch what their other hand is doing. While youre rejoicing in the fact that theyre allowing your monthly mortgage payment to slide, your unpaid payments, interest, and other fees are very quickly chipping away at any equity you may have in your home. These fees can very quickly erase all of your equity, and before you know it you could wind up owing more than your home is worth.

Have you looked at any of your other options?

Instead of heading down the path of least resistance and accepting forbearance on your loan, you should call a trained real estate professional that can take an unbiased look at your entire financial picture, and help you chart a course of action that will put you in the best position for a good outcome.

There are a number of different solutions to your problem, but if you dont know what they are, they cant do you any good. Not only is a trained real estate professional able to help guide you through the maze of options available to you, they can do it without charging you a penny. You wont pay interest, penalties, or service fees for this professional advice. Instead, youll get honest, unbiased answers to your questions that can help protect the equity you have in your home.

You are not Wimpy J. Wellington, your home isnt a hamburger, and you shouldnt have to pay thousands of dollars for going along with a solution that might not be in your best interest.