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What does a Foreclosure Forbearance mean?
In Forbearance, we are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions. Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

What are the right foreclosure solutions for me?
Our consultants look at every case individually based on your financial situation, past and present. We want to stop your foreclosure, keep you in your home and establish a financial plan that will keep your credit in best standing and also at a level that is comfortable for you. We don’t want to give you a band-aid but a permanent foreclosure solution. Although many options exist, the only one that is right for you is the one that best fits your financial situation.

What is a Foreclosure Loan Modification plan?
The term “loan modification” refers to a readjusting of your current mortgage. If you can currently make your regular payment, but you can’t catch up with the past-due amount, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. This new amount will be re-amortized over a new period of time. Or, if you are unable to make payments at this rate, we will negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level. A Loan Modification or Loan Modifier will change your existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately

Avoid Foreclosure with a Forbearance Mortgage

Home foreclosures are on the rise, but they are not the only alternative to falling behind on your mortgage payment. If you have missed a few house payments and are worried about losing your home, call your lender today and talk to them about a forbearance mortgage.

What is a forbearance mortgage? A forbearance mortgage is not a new home loan but an extension of your existing one. It is an agreement with your lender to postpone your mortgage payments for a short period of time. Your lender will add the missed home loan payments to your mortgage--extending your loan period but allowing you to keep your house and your credit report in better standing. Your lender will require, however, that you adhere to your payment schedule in order to avoid foreclosure.

How do I get a forbearance mortgage? By calling your lender and informing them of your inability to make your house payments. Everyone loses in a home foreclosure, including the lenders, and they will want to work with you on a mortgage repayment program.

What if I have a 2nd mortgage as well as a 1st mortgage? If you have worked out a forbearance agreement on your first mortgage and have a 2nd mortgage as well, you can still end up in foreclosure if you do not keep your 2nd mortgage in good standing.

Remember, if you get into trouble with your mortgage payments, call your lender(s), discuss the situation, and ask them for a forbearance mortgage or other home loan repayment plan. This will allow you time to either sell your home, or to maintain it, without going into foreclosure.