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loan forbearance agreement

Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 3 m - Real Estate Marketing - Foreclosure rates on Forbearance Agreements done with banks reaches 58% - With Michael J ...

WEDC Pursuing Legal Action Against Kestrel Aircraft Company ...

The Wisconsin Economic Development Corporation is pursuing legal action against an aircraft company that once planned to build a plane manufacturing facility in Superior. The state claims the company hasn’t made loan payments in almost a year.

WEDC awarded Kestrel Aircraft Company millions of dollars in loans five years ago with the hopes of creating 600 jobs in Superior. The jobs haven’t materialized, and the company defaulted on its loans earlier this year.

In May, the state, city of Superior and Douglas County agreed to give Kestrel more time to pay back the loans for the project. But, the company missed the new Aug. 31 deadline.

Douglas County Board Chairman Mark Liebaert said the project was as big a deal to the region as Foxconn is to southern Wisconsin.

"We had a lot of economic development that hinged on whether or not this company came here. I think we did our best to try to make sure that happened," he said. "I think our forbearance was part of that, to try to continue to make sure that there was a chance that this could move forward. It appears at this time that there’s probably not a chance that it’s going to move forward anymore.

Loan Modifications vs. Forbearance Agreement?

Regarding Loan Modification and Michael G's answer. His answer was not a Permanent Loan Modification, he was describing a Forbearance Agreement.

Lender's will negotiation permanent loan modification, but you need to be careful.

Lender's will seldom if ever will negotiate a true loan modification. But they will offer a forbearance and new payment schedule, in a hardship for example. The caveat...all interest will be due at some later date or upon payoff.

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