Review Mortgage Lenders

loan forbearance agreement

Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 3

realestatemarketingthisweek.co m - Real Estate Marketing - Foreclosure rates on Forbearance Agreements done with banks reaches 58% - With Michael J ...

PetroQuest Energy, Inc. Extends Forbearance Agreements

Under the terms of the Forbearance Agreements, the Forbearing Creditors have agreed to forbear from exercising any and all remedies available to them under and in respect of the Loan Agreement and the indentures governing the 2021 Notes and the 2021 PIK Notes as a result of the Company not making the semi-annual interest payments totaling approximately $14.2 million due on August 15, 2018 with respect to the 2021 Notes and the 2021 PIK Notes and such non-payment continuing for a period of 30 days.  As extended, the Forbearance Agreements will expire upon the earlier of 11:59 p.m. (Eastern time) on November 6, 2018 or the occurrence of certain events specified in the Forbearance Agreements.

The Company is continuing to analyze and evaluate various alternatives with respect to its capital structure and financial position, which may include filing for protection under Chapter 11 of the U.S. Bankruptcy Code.  In addition, the Company is engaged in discussions and negotiations with the Forbearing Creditors and their legal and financial advisors regarding these alternatives.  The Forbearance Agreements are intended to allow the parties to continue these discussions and negotiations and work towards an alternative that addresses the Company’s capital structure and financial position.  The Company does not intend to disclose or comment on developments related to its review and these discussions and negotiations unless and until the Company’s Board of Directors has approved a specific alternative or transaction or otherwise determined that further disclosure is appropriate.

Can Reporting A Borrower as Delinquent Be Accurate Despite Monthly Payments?

, 893 F.3d 1305, 1309 (11th Cir. June 27, 2018).

In 2009, as part of refinancing her home in Carmel, Indiana, Christina Felts executed a Note and Mortgage that required her to make monthly mortgage payments of over $2,000. Felts lost her job three years later. In light of her unemployment, she contacted her loan servicer to discuss a revised payment plan. Ultimately, she enrolled in an unemployment forbearance program offered by Fannie Mae and administered by her loan servicer.

The Plan terms were detailed in a letter to Felts that explained that she would be required to make “monthly forbearance plan payments” of $25.00 per month beginning in September 2012 and ending in February 2013. The letter further clarified that even though her monthly statement would “continue to show your regular mortgage payment amount,” she only needed to make the $25.00 monthly forbearance payments. Finally, the letter provided that (1) the loan servicer would hold off on any foreclosure proceedings during the time of the forbearance, (2) the loan servicer would report that Felts was paying under a “partial payment agreement,” and (3) regular mortgage payments would still continue to accrue and would be due upon completion of the plan or upon employment. The letter explained that “[e]ven though you are participating in this Plan, you remain responsible for all other terms and conditions of your existing mortgage.”

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.

требования worms battlegrounds