In a Forbearance Agreement, the bank agrees to hold back its legal right to exercise foreclosure on you. They agree to this because they come up with a plan to get you on track with your mortgage payments after giving you a certain period of time to recover.
With Forbearance, your mortgage payments are either reduced or suspended for a time set by the lender.After the Forbearance period, you have to resume making the old payments together with some additional partial payments to cover the debts and eventually get the loan on track.
Banks may require you to make a single, lump sum payment by a certain date to cover all the missed payments. Also, the mortgage company may be willing to grant forbearance to people whose incomes have been temporarily decrease because of specific situations, such as job loss, unpaid mandatory leave, illness or other emergencies.
But before you ask for a loan modification, you should be ready to show your good-faith efforts to pay your mortgages and other bills and to reduce expenses. This will do good to your credit and help you gain the trust of your mortgage company.
Thinking about a short sale? I can help you short sale your Ladera Ranch property and get back on your feet. Send me an e-mail at arna@ehomes.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, call me at (949) 244-0444.
Arna Freedman, a Real Estate Broker at Homes of California, helps buyers and sellers in Ladera Ranch and other Orange County cities.
Phone: (949) 244-0444. arna@ehomes.com.
Experience, Excellence and Service View my homes for sale.
Arna Freedman specializes in loan modification assistance and short sales in Ladera Ranch California.
Comments(0)