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Mortgage Forbearance

A guide to mortgage forbearance

In today`s economy many people are having trouble meeting their financial obligations. As a result of this there have been a large amount of homes that have been abandoned by their owners or foreclosed by the banks. Lending institutions were a little too generous in giving large loans to people who could not possibly afford to keep up the payments. The price of housing was in a bubble for a long time and when that bubble finally burst many people discovered they were stuck with high mortgage payments and property that was worth less than the cost of their mortgage.
In the past few years things have stabilized somewhat and lenders are now much tighter when it comes to their lending policies. There are, however, people who can get into temporary financial difficulties and these are the individuals who are ideally suited to a mortgage forbearance agreement.
So what exactly is a mortgage forbearance agreement? It is an arrangement or agreement made between a delinquent borrower and their mortgage lender. The lender agrees to forego the legal right to foreclose on the mortgage, while the borrower agrees to a mortgage plan designed to bring the borrower up to date on their payments over a certain amount of time.
Mortgage forbearance agreements are not long-term solutions for borrowers who are delinquent in their payments, but rather it is designed to help borrowers who are experiencing temporary financial setbacks caused by unexpected events, such as illness or unemployment. Individuals who have bigger financial problems, such as adjustable rate mortgages that had their interest rates reset to unaffordable levels, usually have to seek other remedies than mortgage forbearance agreements.
Pros and Cons of Mortgage Forbearance
In simple terms, mortgage forbearance makes it possible for the borrower to stop making mortgage payments. This is a plus for those who cannot make payments due to unforeseen circumstances. It can help people to avoid foreclosure and losing their homes. This is especially helpful for those who are suffering from a sudden illness that prevents them from going to work. Being made homeless on top of being ill and unable to work is a situation in which no one wants to find themselves.
Being able to stay in your home and knowing you have a respite from bill payments can speed the healing process since so much illness is caused by financial stress. Being able to keep the home you worked hard for is a lot better than having your home foreclosed.
Unfortunately, this solution is only temporary and usually only lasts over a period of several months until the homeowner can get back on their feet financially. Lenders are not doing this out of the kindness of their hearts but because they feel that they will wind up with more money from repayment of the original mortgage than from a foreclosure sale.
The homeowner must also keep in mind that while the payments are not being made, the interest rates on the mortgage continue to accumulate and are added to the remaining loan balance. Homeowners are generally required to sign forbearance agreements that state the date by which they are required to start making payments again. Once the forbearance period is at an end regular monthly payments will have to be made again. There are companies such as that specialize in helping homeowners with financial solutions.

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Homeowners Urged to Prepare for Hurricane Florence

On Monday, North Carolina, South Carolina, and Virginia declared a states of emergency urging residents to fortify their homes, gather supplies, and prepare for possible evacuation orders as Hurricane Florence, which began as a tropical storm strengthened to a Category 4 Hurricane with the possibility of hitting the coasts of these three states by Thursday. The hurricane, according to pre-landfall data by CoreLogic, could damage nearly 759,000 homes, with a reconstruction cost value of $170.2 billion.

Earlier,  The Federal Emergency Management Agency (FEMA), issued a notice encouraging individuals, households, and communities to prepare for the potential impact from Florence.

“Everyone, especially those who are at greatest risk of being impacted by this storm, should start preparing now by seeing what they may need in an emergency and preparing for any possible impacts from Florence,” advised MaryAnn Tierney, FEMA Region III Regional Administrator.

11th Cir. Holds No FCRA Violation for Reporting Forbearance Payments as 'Past Due' and 'Delinquent'

Is available at: Link to Opinion.

The plaintiff borrower lost her job and enrolled in an unemployment forbearance plan with her mortgage loan servicer. The forbearance plan called for “monthly forbearance plan payments” of $25 for a period of six months.

The forbearance plan stated that during the forbearance period, the servicer would “report to the credit bureaus that you are paying under a partial payment agreement for your [home mortgage].” Additionally, the servicer told the borrower that her payments would still be considered late because the forbearance payment was not the contractual payment.

The borrower sold her home and paid off the loan by June 1, 2013. Subsequently, the borrower attempted to purchase a new home and obtained a credit report. She discovered that the servicer reported the loan to the credit reporting agencies (CRAs) as “past due” and “delinquent.” Specifically, the servicer reported the account past due during the forbearance period, and it listed a past due amount of $22,308 as of June 2013.

Is it normal for banks to continue charging late fees while a mortgage is in forbearance?

I have a forbearance agreement with Wells Fargo for one year so I can catch up on my mortgage payments. They are continuing to charge me a late fees on the 17th of each month. Is this normal practice or just plain evil?

If they are charging late fees, there or 3 possiblities:
1. Your payments are not being made in accordance with the forbearance agreement.
2. You only THINK you have a forbearance agreement.
3. Wells Fargo is incompetent.

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