Mortgage Forbearance Forbearance Agreement Template

A mortgage forbearance agreement will help you get back on your feet during short term financial difficulty.

Mortgage forbearance forbearance agreement template. But you should be sure to get all of the facts and become well informed as to what you re getting into. The forbearance agreement template extends a past due loan payment by a number of days to afford the borrower an opportunity to bring the loan current prior to the lender taking legal action. 1 for the purpose of this agreement name of mortgagee considers. Agreement your acceptance of the following conditions.

Get it in writing once you re able to secure forbearance or another mortgage relief option ask your servicer to provide written documentation that confirms the details of your forbearance agreement and that you re clear on what the terms are. Use this free hardship letter template to request mortgage forbearance from your loan servicer. You ll be able to skip or make reduced payments for a predefined period of time but interest still accrues. There are a few things you will need to know and some important decisions you will need to make.

Will interest be charged on my unpaid mortgage payments during forbearance. Consideration of name of mortgagee extending forbearance for a period of. There are two main sections in this template. Loosely defined a forbearance agreement is an arrangement between parties to an agreement a lease mortgage domestic obligation or other form of loan or debt obligation used during a time of financial hardship which confirms the terms of the agreement while at the same time allows the borrower to temporarily postpone payments.

The first section consists of three parts namely borrower information forbearance terms and borrower understanding and certifications. If you are a mortgage borrower having difficulty meeting the repayment terms but want to delay a foreclosure for a property or real estate then we have the document just for you. Forbearance agreement templates are used in drafting contracts that include a lender and a borrower where the lender decides not to practice his legal obligation to foreclose a mortgage and the borrower accepts a mortgage scheme that will carry his or her present payments over a certain span of time. Mortgage forbearance can help you deal with a temporary financial setback.

The forbearance agreement starts with a brief introduction of the forbearance which gives you an overall idea of this legal document.