|
What does "forbearance" mean?
Question: What does "forbearance" mean?
Answer: If you miss a mortgage payment, the lender has a right to foreclose -- to sell your property to recover the loan amount. However, lenders much prefer to work out matters so that foreclosures can be avoided. If you make up the missing payment and otherwise satisfy the lender it may be possible to avoid foreclosure. Not foreclosing is an act of forbearance. If you have missed a payment, or are about to miss a payment, please contact an attorney and have your lawyer contact the lender immediately. Keep in mind that forbearance is an option, not a requirement, and that lenders are most-likely to help those who try to work out a reasonable accommodation.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
Send Us Your Comments
|
