Option 7. LOAN FOREBEARANCE
Definition of Forbearance: The act of a creditor who refrains from enforcing a debt when it falls due.
Loan forbearance is a new agreement with your lender to repay your past due payments when you are behind on mortgage payments. This will stop foreclosure sale of your home quickly.
Forbearance is easier to arrange prior to the Mortgage Company filing a foreclosure lawsuit. Some lenders will not consider this after filing, but it’s worth trying.
This is the most common way of resolving a loan default. You and the lender agree to work out a … Read the rest