Forbearance agreement
Normally when you loan is delinquent for more than 90 days, the lender files a Notice of Default, starting a foreclosure proceeding. Many states allow you around 30 days to enter into forbearance agreement with the lender. Typically you negotiate a payment agreement agreeable to you and the lender with the goal to bring your mortgage account current while your lender temporarily ceases foreclosure actions.
Thu Apr 3, 2008 10:04PM | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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