Foreclosure in 10301>Question Details

Tech, Other/Just Looking in 10301

Is it safe to agree to a mortgage forbearance to save your home from forclosure? What usually happens after the forbearance period?

Asked by Tech, 10301 Wed May 19, 2010

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Scott Godzyk’s answer
Forebearance is a wonderful program that allows you to keep your home. Make sure your bank puts it in writing and make sure you stick to the terms of it. 1 day late could void it. I wish you luck in working things out.
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0 votes Thank Flag Link Wed May 19, 2010
A forbearance is the norm and the more favorable avenue to avoiding foreclosure. Usually a forbearance will take as many as three payments and move them to the end of the mortgage term and adjust your current payment upward for a period of 2 years to cover the remainder of the amount you are behind. If you stick to the terms everything goes back to normal and you have not destroyed your credit or ability to obtain future financing.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes Thank Flag Link Wed May 19, 2010
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