Real estate blog entries tagged with forbearance agreement by Illinois Financial Advisor Greg Zaccagni (Farmers Insurance)

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Home : Blogs : Illinois Financial Advisor Greg Zaccagni : Greg 's Blog : Tag "forbearance agreement"

forbearance agreement: Loan Modification Explained - 10/19/08 11:55 AM

A loan modification agreement is different from a forbearance agreement which provides short-term relief for borrowers who have temporary financial problems, while a loan modification is a long-term solution for borrowers who will never be able to make the existing loan payments.
Loan modifications are designed for customers that can't afford repayment plans. In a modification, the servicer adjusts the terms of the loan to make it affordable. It may lengthen the amortization schedule or lower the interest rate to cut the monthly payments, or roll the past due amount into the loan and re-amortize the new balance so the borrower … (1 comments)

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Illinois Financial Advisor Greg Zaccagni

Wheaton, IL

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Farmers Insurance

Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189

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