Definition of "Forbearance Agreement"

Debbie Layman real estate agent

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Debbie Laymanelite badge icon

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.

Comments for Forbearance Agreement

Darlene 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

 
Real Estate Agent

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
 
 
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