Special Forbearance To Stop Foreclosure
If you are a homeowner trying to stop foreclosure, your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. This is known as a special forbearance. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. Things To Know: (1) You must furnish information to your lender to show that you will be able to meet the requirements of the new payment plan. (2) Forbearance is a temporary solution only lasting about 3 months on average and the suspended payments are added onto the loan.
Contact us if you would like to know more about special forbearances and other ways you can stop foreclosure.
