The term "forbearance" refers to a method that often allows homeowners to catch up when they have fallen behind on mortgage payments and are in danger of defaulting on their loans. A homeowner may be allowed to skip one or more mortgage payments — these payments will usually be tacked back on to the end of the loan — which will make it easier to become current with future payments.
Lenders may choose to accept this option in order to mitigate their own losses. If a lender can defer a payment now, avoid the costly process of foreclosure and end up receiving all (or nearly all) of its money in the long run, forbearance may be a viable option. At the Law Office of Ernest B. Fenton P.C., in Illinois, we can advise you regarding forbearance, work with your lender and determine if this option would be effective for your situation.
Mortgage Forbearance Program in the Chicagoland Area
In addition to "skipped" or deferred payments under the method of forbearance, other components may include reduced mortgages over a period of three to six months and an extended loan term to lower the monthly payment. Forbearance is a type of loan modification that can help to prevent foreclosure.
In contrast to a short sale, where the home is let go, and bankruptcy, where the home may not be protected, forbearance is the most appropriate for homeowners who can and still want to remain in their homes. In some situations, staying in the home is not an appropriate long-term solution, even at a reduced rate or with a skipped payment. We will advise you when this is the case and be honest with you about your options.
Contact a Cook County Home Forbearance Plan Lawyer
Talk to attorney Ernest B. Fenton regarding the method of forbearance and loan modifications. Send us an e-mail describing your situation or call us at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment with an experienced attorney.
