Forbearance Agreement
Definition of "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 borrowers delinquency.
Popular Mortgage Terms
Proliferation in the number of loan, borrower, property, and transaction characteristics used by lenders to set mortgage prices and underwriting requirements. Nichification is unique to ...
The definition of an assumable mortgage is what happens when a buyer assumes or takes over a mortgage that the seller contracted. This is a type of financial arrangement that passes an ...
The number of days for which any lock or float-down holds. The longer the period, the higher the price to the borrower. ...
The period over which the interest due the lender is calculated. The interest accrual period may or may not correspond to the payment period. On the annual accrual mortgages in the UK, ...
A charge imposed by the lender if the borrower pays off the loan early. The charge is usually expressed as a percent of the loan balance at the time of prepayment or a specified number of ...
To define a home equity line of credit, we can also take a look at how credit cards work. Similarly to credit cards, home equity lines of credit are sources of funds that can be accessed ...
The longest period for which the lender will lock the rate and points on any program. On most programs, the longest lock period is 90 days; some go to 120 days and a few to 180 days. It ...
A transaction in which interest is not paid on interest there is no compounding. For example, if you deposit $1,000 in an account that pays 5% a year simple interest, you would receive ...
A payment made by a lender to a mortgage broker for delivering an above-par loan. A par loan is one on which the lender charges zero points. Lenders charge points on loans carrying ...
Comments for Forbearance Agreement
Q&A in reference to a forbearance during hurricane Irma. Received a three month forbearance and now have to pay back total three months now, or receive a modification, mortgage company says. After receiving modification paperwork I am being rushed to sign and send by contact...w/o questions about mod. being answered completing. Would like an attorney to review paperwork before I sign and return them.
Jul 16, 2018 23:19:32As you should, Darlene!
Jul 19, 2018 15:51:28You're absolutely right about looking for a real estate lawyer to give you the correct advisory to your specific case!
If you don't know a real estate lawyer, feel free to go to our real estate directory, find a real estate agent and contact him/her asking for a referral; chances are he/she will know someone with the experience necessary to help you!
Good luck!
Have a question or comment?
We're here to help.