Wait. Wait. Wait. It Will Take Time for the Bank to Respond. Then…
During the Forbearance Agreement:
You get relief from payments
The bank reduces or suspends your payments for a specific time period (usually months)
The bank freezes pending or in process foreclosure actions
After the Forbearance Agreement:
You make your normal payment PLUS an additional amount to pay off the arrearage.
As with any legally binding agreement, you should have this new contract reviewed by your attorney before you sign. Even banks make mistakes.
Each bank’s process is different, but all banks want to see your basic financial information and will want to know why you are unable to pay your mortgage. Be prepared with a good explanation that is honest, but compelling. Leave emotion out of conversations when you speak to customer service representatives who are not paid to feel sorry for you. You are a client with a crisis, but the bank is interested in the bottom line. Be clear, specific, and accurate. You will be asked for multiple copies of everything – check stubs, tax returns, verifications of income, etc. Do not lose patience. It is a process that can take months. While banks are interested in restoring loans, they remain overwhelmed. Know this before you apply.
As prominent Florida attorney Gary M. Singer suggests, ‘If you get declined, try again. Persistence will be rewarded. “
It worked for Joe. His forbearance agreement saved him from foreclosure and restored his faith in the American Dream of home ownership. Try the Forbearance Agreement. It isn’t fast food, and takes time, but it is a satisfying delicacy available to borrowers in a difficult market.