Your Lender

Questions To Ask Your Foreclosing  Lender:

1. Can we work out a payment (forbearance) plan?
2. Can we work out a loan modification?
3. How much will my monthly home payments be under the modification or forebearance plan?
4. Will you show me in writing the terms of the forbearance plan or loan modification you are suggesting?
5. If these terms are agreeable to me, will you agree in writing to stop the Foreclosure?
6. If I am late on either the forebearance or loan modification payment plan, what will happen?

The experience we have seen

through our affiliate companies is...

forebearance may not be the best solution

to solve your situation...

a forebearance plan

usually raises your monthly payment,

and if you are having problems making the current payment,

how can you make an increased payment?

Most solutions lately

have come with a trial period,

where the lender suspends the current foreclosure action

until the trial period has completed,

this way the lender

does not give up any rights

under the current foreclosure action

and a missed payment

will usually cause the foreclosure to pick up

and continue where it left off.  

Most lenders will only enter into one form of a plan in a 12(twelve) month period.

This means that if the plan you agree to doesn't work for you, you may not have the opportunity to change it again for 12 (twelve) months.  

Statistics show that approximately 85% of forebearance plans fail and result in foreclosure and loss of home.  

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