Definition Of Forbearance Agreement In Mortgage

Definition of "Forbearance Agreement"

Debbie Layman, Real Estate Agent Village Real Estate HBV

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.

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Comments for Forbearance Agreement

Darlene said:

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 23:19:32

As you should, Darlene!
You'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!

Jul 19, 2018 15:51:28