Question:

When should I sign a forbearance agreement form?

Answer:

If you have defaulted on your mortgage payments and want to keep your property, your lender may be kind enough to agree to help you stay in ownership of your property. They may agree to work with you on a forbearance agreement – a plan that may revise and suspend your payments for some period and is supposed to cure your delinquency.

Signing a forbearance agreement form will help you avoid foreclosure for the time being as forbearance is designed to help you become current on payments.

You may have to get a forbearance advisor who will work out several acceptable payment plans to present to you and the lender to choose from. Signing forbearance agreement is a highly successful approach to take to retain rights over your house in case of defaulted payments. It is a possible way out if you are certain you can become current on payments by a specific date.

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