Mortgage Forbearance

In an effort to avoid foreclosure by both the lender and the homeowner, a mortgage forbearance agreement is typically used to delay impending foreclosure. In the agreement, the lender and homeowner make special special arrangements that allow the homeowner to catch up on late mortgage payments on a new schedule.

These arrangements are common, in that the benefit both the borrower and the lender. The lender gives up his right to foreclose, and at the same time helps the homeowner make good on his debt.

There is no standard mortgage forbearance agreement, and each one varies by situation. Having a team on your side can typical negotiate such an arrangement. Again, foreclosure on your home should be your very last option.

Can you qualify for a forbearance? Take our 1-minute evaluation, answer a few simple questions, and review what options exist for your specific situation. Knowing your options is the best weapon in your arsenal to prevent foreclosure.