Repayment Plan / Mortgage Forbearance

If you have incurred a short term financial hardship and your loan is two or more months past due, your loss mitigation specialist will also consider submitting a request for a payment plan to your lender for approval. Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.

When is Mortgage Forbearance Appropriate?

Typically Forbearance Agreements are most appropriate hen the property is worth close to the loan balance, you will ultimately be ble to afford to make the monthly payments and just need a temporary eprieve(maybe you lost your job but hope to find one, you were unable to ent the property for a time. Remember that this process is a moving target
in a rapidly changing and challenging environment.

Mortgage Forbearance Pro's

• Retain the property
• Lower payments for a period of time and then Recast outstanding balance"
• Stop phone calls from the bank & collections agencies
• Inexpensive - minimal closing costs

Mortgage Forbearance Cons

• Some credit issues
• Still own the property and have responsibility