Forbearance
Forbearance is an option in which your lender agrees to reduce or suspend your payments for a specific period of time and also agrees to another option to bring your loan current. During this time period you would either pay a portion of your regular mortgage payment or no payments at all. It is a formal, written agreement between you and your lender, and usually includes a reinstatement when you know you will have enough money to bring the account current at a specific time.At the end of the agreed-upon period, you would resume regular monthly payments and pay additional funds to make up the past due amount. During the time that the payments are either suspended or reduced, you would have the opportunity to resolve the financial hardship you are facing.
Frequently Asked Questions
Deed in Lieu of foreclosure ?
Pre-Foreclosure/Short Sale?
Repayment Plan?
Loss Mitigation?
Forbearance?
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