When you are facing the unsavory prospect of a foreclosure, you are likely seeking alternatives and exploring every option within your power to turn the situation around. Mitigation Online Consultants is your team of experts who are experienced with rescuing distressed homeowners in their time of need-locating all possible alternatives in the best interest of the homeowner and working directly with the banks and mortgage lenders to reach an agreement both parties can live with.
A Forbearance Agreement is 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 or health problems.
The agreement is intended solely to restructure the loan or mortgage to a degree that the borrower is able to make a payment, and agrees to make up the delinquent amount at an agreed juncture. This arrangement does not work for every situation or circumstance, and your trusted Online Mitigation Consultant is able to advise you on the best option for your unique position.