Rights Mortgage Agreement Forbearance
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FAQ
Forbearance is when your mortgage servicer, that's the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time. Forbearance does not erase what you owe. You'll have to repay any missed or reduced payments in the future.
After approval, any regularly scheduled payments during the period and past due amounts will be added to the end of the term of the loan to be repaid. During this time, interest will not accrue on the amounts owed. Typically, mortgage deferment periods last for three to six months.
Of course, mortgage forbearance also has downsides, including higher payments and potential dings to your credit score. That doesn't mean forbearance is bad.
Once it is determined that a forbearance agreement is needed, the parties can proceed in many different ways. First, they simply may negotiate terms, document the deal, and sign the agreement. If the parties cannot reach an agreement, they may proceed to litigation and liquidation or bankruptcy.
This letter should explain your current financial situation and why you're unable to make payments. It should provide specific details about the hardship, such as when it began, how it was caused and how long it may continue.