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.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage