Stop Foreclosure by obtaining a Special Forbearance
 A Special Forbearance or repayment plan is when the Borrower has suspended payments for a period of time and experiencing a temporary loss or reduction in income and your lender allows you to "catch-up' your payments by resuming your payments PLUS paying a portion of the fees due, including attorney fees if any. The usual timeframe is 12 months. For instance, if you had a mortgage payment of $2000 and were behind six months ($12,000), the repayment plan would require you to pay the additional $1000 per month or a total payment of $3000!!!
 A Special Forbearance may be used to assist borrowers experiencing a temporary loss or reduction in income that is expected to be restored at a later date.
 Personal Documents you need to Review:
Review your current mortgage documents to understand the rules for your loan. Gather all proof of change of employment, unexpected expenses and documents sent by your lender.
 The borrower's chance to work out a Special Forbearance typically ends before they are over 90 days behind on payments.
 You should avoid seeking a Special Forbearance if you can not prove you will be occupying the home, your loss of income is not temporary or you can not afford the payments when they restart.
 A Special Forbearance works well for Borrowers that can document a temporary loss of income that will resume in the near future. Unfortunately, few Lenders will approve a Special Forbearance unless all other options are exhausted.
 The argument for this option to saving your home needs to be properly document for the Lender. The Home Rescue Foundation can provide professional assistance in helping you obtain a Special Forbearance. This will give you peace of mind knowing an experienced professional is handling your negotiations.
 ADVANTAGES: A Special Forbearance works well for Borrowers that can document a temporary loss of income that will resume in the near future. Unfortunately, few Lenders will approve a Special Forbearance unless all other options are exhausted, because the borrower not only has to prove the ability to pay the current mortgage payment but also must prove the ability to pay the ADDITIONAL AMOUNT on a monthly basis.
DISADVANTAGES: In today's economy the Special Forbearance or Repayment plan rarely works. Many borrowers are having a hard enough time in making yesterdays payments and default quickly when faced with the increased amount required.
Another consideration is that when you agree to the repayment plan many times the Lender will have you sign stipulations that will make it easier to Foreclose and limit the timeframe and some of the steps in the foreclosure process for allowing you this option.
 As mentioned above a Special Forbearance is not for everyone. Based on current home values and employment trends, you may want to consider a Loan Modification. Lowering your monthly payment is a great way to avoid trouble in the future and stay in your home.
 Additional Resources and Documentation:
Would you like HRF's advice if a Special Forbearance or Loan Modification is right for you? Fill out the form below, call the number at the top of this page or click here to chat live with Loan Modification Specialist. You can also purchase our Stop Foreclosure with Special Forbearance eBook at the bottom of this page.
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Legal Disclaimer: This information on this site is NOT legal advice. You should consult with your attorney prior to signing anything.
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