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Forbearance Agreement

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Forbearance Agreement

An agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrower's delinquency.

See Payment Problems/Position of the Lender/Temporary Problem.



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As part of the forbearance agreement we will get a Deed in Lieu of Foreclosure placed in escrow.
You can choose to leisurely sell your home, enter into a forbearance agreement with your lender, or simply ignore the problem and hope it goes away.
The hardship letter is the most important document that you submit to your lender The hardship letter is necessary if you want your lender to agree upon a loan workout, short sale, deed-in-lieu of foreclosure, forbearance agreement, loan modification, and any other foreclosure solution that requires their cooperation The hardship letter is the most important document that you submit to your lender.
 
 
 
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