Question:

Will I be able to save my house with a mortgage forbearance agreement?

Answer:

A mortgage forbearance agreement is often offered by lenders to defaulting borrowers as a way to cure the delinquency over time while regularly paying mortgage payments.

Some lenders will even offer a grace period with no mortgage payments as a way to help the borrower stay in possession of their home. Hopefully, you will be able to get back on track with payments by the date specified in the mortgage forbearance agreement. The forbearance period will stop the foreclosure, if such has been initiated, and will exempt you from paying late fees for the time of the agreement.

Once you have signed a mortgage forbearance agreement, try to keep to the curing plan. Failure to do so will enable the lender to begin or continue with foreclosure.

Another thing to consider is that if you used to have difficulties keeping with payments according to the original loan agreement, you will probably default on the forbearance agreement, as well.

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