Do You Qualify For a Mortgage Forbearance Agreement?
Depending on your exact situation, your lender may be required to offer you a solution to repay your missed payments and avoid foreclosure with a Mortgage Forbearance Agreement. These special repayment plans are called “Special Mortgage Forbearance Agreements” and you could request this type of payment plan from your lender’s Loss Mitigation department or the Mortgage Forbearance Agreement Department.
A special mortgage forbearance agreement is a written repayment agreement between a lender and a mortgagor that contains a plan to reinstate a foreclosure loan that is a minimum of three payments due and unpaid.
If you qualify for a Special Mortgage Forbearance agreement, you may be allowed to postpone monthly mortgage payments for a minimum of four months. While there is no limit on the maximum number of months for a mortgage forbearance agreement, at no time may the agreement allow the delinquency to exceed the equivalent of 12 monthly payments.
Sometimes it is very east to make these mortgage forbearance agreements with your lender; however, many lenders make this difficult for you to do on your own. We will help you work with your lender’s loss mitigation department to determine if you qualify for the guidelines and give you the direction you need to work with your lender and set up a special mortgage forbearance agreement.
Simply fill out the evaluation form below to find out what type of mortgage forbearance agreement plan you qualify for by receiving a free, personalized foreclosure e-book that contains instructions, guidelines, and documents that can be used to negotiate a mortgage forbearance agreement with your lender and find the right person to talk to in loss mitigation.