Forebearance Plan

Forbearance or Repayment Plan:

A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

  • Benefit: Allows the homeowner to make back payments over time.
  • Drawback: Requires that a homeowners be in a financial position to pay not only their current mortgage, but also a portion of the back payments owed. Some mortgage companies will require a homeowner to 'qualify' for forbearance.

This represents only a summary of one of the solutions available to homeowners facing foreclosure. Please call me today for a FREE confidential evaluation of your individual situation, property value, and other possible solutions.