Forbearance

An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment, divorce or health problems.

Some of our clients are eligible for Forbearance, which will give you time to gather your assets. In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

If you qualify for a 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 may 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.

Please Fill Out The Forbearance Help Form

Name
Email
Address
City
State
Zip
Phone
How Many Payments Have You Missed?
If you were given a fresh start, would you be able to afford your payments now?
Are You Currently Employed?
Have You Talked to Your Lender?
How Much is Your Monthly Mortgage?
How Much Can You Afford To Pay Per Month?
Has a sheriff's sale date been scheduled yet?
Please Explain Your Situation & How You Ended Up in This Unfortunate Situation:

We will review your information and contact you shortly.

Thanks again!

Work With The Best!

Andre Plessis

REALTOR® at Keller Williams® Realty
RCS-D^TM REALTOR® Real Estate Divorce Specialist

CA DRE License # 01856185

Keller Williams® Realty
340 N. Westlake Blvd. Suite 100
Westlake Village, CA 91362

Office: (818) 341-2972

Founder of The Wealth Creation Team

Office: (818) 341-2972
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This site was last updated 04/25/10