IL – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. In Forbearance, your mortgage payments are either reduced or suspended for a time agreed on by your lender. After the Forbearance period, you will be expected to resume making old payments plus make some additional partial payments to cover the arrears and eventually get the loan current. Banks may stipulate that you make a single, lump sum payment by a given date to cover the missed payments. The mortgage company may be willing to grant forbearance to persons whose incomes have been reduced temporarily for a number of reasons such as job loss, unpaid mandatory leave, illness or other emergency. Before asking for such a loan modification, you should be ready to demonstrate your good-faith efforts to pay your mortgages and other bills and to reduce expenses. This will only do more good than harm to your credit and therefore help you gain the confidence of your mortgage company. Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, dennis toomey. dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. firstname.lastname@example.org. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at www.HouseByZip.com. Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice dennis toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are dennis's personal views and do not reflect the views of RE/MAX Action. This information on Short Sales: How To Keep Your Home With A Forbearance Agreement is provided as a courtesy to our viewers to help them make informed decisions.
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