Get help finding the Right Real Property Lawyer for your case
To avoid a home from going through foreclosure, homeowners have the option of forbearance. Forbearance takes place when the mortgage company defers the principal mortgage payment and requires that only the escrow payment be made for the next one to six months, depending on the lender. Homeowners sign a forbearance agreement which signifies that the lender required them to pay the owed amount at a later time, saving them from foreclosure.
Forbearance can help save one's home from foreclosure, as well as give the homeowner time to save extra money over the course of the months, so that they can return to making full mortgage payments. The disadvantage to mortgage forbearance plans, however is that in the long run, interest will accrue on the total mortgage balance.
For homeowners who are facing foreclosure on a property, it is recommended for them to speak to a mortgage forbearance lawyer for advice. Real estate lawyers who handle forbearance work with lenders and develop payment strategies in favor of the homeowner. Lawyers can also help in the event that the forbearance is unavailable and help you set up a short sale or present other options.
If you want to save your home from a foreclosure and are interested in mortgage forbearance, speak to a real property lawyer today. Attorney Search Network is a State Bar Certified Lawyer Referral Service and we can help you find a mortgage forbearance lawyer who can assist you.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out our online form for your Real Property lawyer referral.