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Follow on Google News | What is Forebearance Agreements?Forbearance Agreement is a type of arrangement calls for the borrower to “catch up” the back payments, fees, and interest over a very short period of time (usually three to twelve months). The result is a much higher monthly mortgage payment.
By: Brian D. Lerner A forbearance agreement with the mortgage lender’s loss mitigation department usually does not take the borrower out of foreclosure at all, but rather simply causes the bank to “postpone” Forbearance agreements are essentially a way for mortgage lenders to squeeze more money out of a borrower through the loose California foreclosure laws before they foreclose anyway under the disguise of a “workout plan.” Forbearance agreements are stacked against the borrower and almost always result in foreclosure. Most borrowers would even be better off with a California bad credit mortgage loan or a California mortgage refinance than a forbearance agreement. Many of the California bankruptcy cases filed by this office are the result of borrowers entering into forbearance agreements with mortgage lenders without understanding the implications # # # I have been a licensed attorney since 1992. I have passed a rigorous examination and extensive experience requirements by the State Bar of California, Board of Legal Specialization. My firm helps in preparing many different types of bankruptcy petitions. They will be prepared and filed in the Bankruptcy Court where the bankruptcy records will be stored for many years. End
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