IF YOU HAVE FALLEN BEHIND ON YOUR MORTGAGE OR IF YOU CAN SEE THE DARK CLOUDS OF TROUBLE LOOMING ON THE HORIZON, YOU HAVE HOPE! AND YOU MANY OF YOUR OPTIONS DO NOT INCLUDE SELLING YOUR HOME.
HERE'S AND INSIDER'S SECRET: YOUR LENDER DOES NOT WANT YOUR HOME, YOUR LENDER DOES NOT WANT TO GO TAKE YOU THROUGH FORECLOSURE. YOUR LENDER WOULD MUCH RATHER WORK WITH YOU TO FIND AN OPTION THAT WOULD ALLOW YOU TO KEEP YOUR HOME. TAKE A LOOK AT THESE OPTIONS LENDERS ARE CONSIDERING TODAY:
FORBEARANCE AGREEMENT
One option that banks are agreeing to is a Forbearance Agreement which is a written agreement between you and your bank laying out a payment plan to get you back on track with your loan that either adds extra payments to your loan until your delinquency is brought up to date or extends the period of your loan after your original pay off date to make up the missed payments.
The Forbearance Agreement may give you an opportunity to delay or even adjust your monthly for a short period of time so you can recover from sort of temporary short term financial crisis or setback. The plan will include the repayment of interest and fees and may extend the life of your mortgage beyond the original payoff term.
When you have all the terms and details of the Forbearance Agreement hammered out you and your lender will enter into a formal written agreement, and you get to keep your home.
In order for a lender to consider a Forbearance Agreement you have to demonstrate to your lender that the conditions that led to your delinquency were temporary, short term, beyond your control and have all passed. Your lender will want to know for sure that you are back on solid ground and you are no longer a credit risk.
If you would like to learn more about how to negotiate a forebearance agreement with your lender contact MBA Commercial or Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.
Next Week: Loan Modification
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