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.
To initiate a repayment plan, the homeowner should contact their mortgage lender’s customer service department and ask if a repayment plan (legally known as forbearance) is an option. The phone number of your loan servicer should be on the statement that you pay each month. If the person is unable to answer this question, the homeowner should ask to speak with either the Loss Mitigation department, Mortgage Modification department, or H.O.P.E. department (different lenders have different names for these departments)
The homeowner should be prepared to submit a Financial Statement to the lender that documents their financial ability to make back payments, and an explanation as to why the payments became late. For a list of documents the homeowner should be prepared to submit to the lender, click on the “Preparing Your Financial Statement” tab.
- Allows the homeowner to make back payments over time.
- Requires that a homeowner 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.
IMPORTANT NOTICE: Guarantee Real Estate is a real estate broker. The service we provide is to assist in the sale or purchase of real property. We do not negotiate with lenders in an effort to modify mortgages. It is strongly recommended that you seek appropriate professional tax or legal counsel regarding the transfer of real estate. Guarantee Real Estate is not associated with the government and our service is not approved by the government or your lender. Even if you use our service, your lender may not agree to change your loan. If your home is listed for sale, please do not consider this as a solicitation to list your property.. |
