FORBEARANCE PLAN

Is a Forbearance Plan Right For You?

A Mortgage Loan Forbearance Plan may be the appropriate Stop House Foreclosure option if you can show that you will be able to bring your account current at the end of a predetermined time period. A Forbearance Plan is a written agreement with your lender whereby you would send them a lump sum payment at the start of the forbearance period and then send additional money, perhaps an additional 50% of your regular monthly mortgage payment, until you are paid up. The details, such as amount of additional monthly funds and time period will be negotiated with your lender.

Many times lenders are in agreement to combining a Mortgage Forbearance with a Reinstatement Plan or Repayment Plan.

This may be one of the best foreclosure alternatives to Stop Foreclosure if you have recently experienced a temporary financial hardship, but you can show that your situation has improved.

Your lender will agree to allow you to delay or reduce your payments for a short time. Your lender will require that you will, at a specified time in the future, pay the amount owed.

If you want more information on whether you really should try to save your home you can find out here.