How Can I Do a Mortgage Forbearance Agreement?
A homeowner delinquent on mortgage payments may be interested in a forbearance agreement with the lender. The agreement establishes that the lender will not foreclose on the homeowner and the homeowner eventually will repay the delinquent mortgage payments in full. A forbearance agreement is a temporary solution for someone having financial difficulties. For homeowners in this situation, there are three steps to do a mortgage forbearance agreement. Contact the lender and ask to speak with the forbearance department. Sometimes this might be the collections department. Homeowner must be 90 days (three months) delinquent on the mortgage to qualify for a forbearance plan. The customer service representative will explain the process and required documents to the homeowner. Assuming the homeowner still wants to go ahead with the forbearance, the representative will send a package from the lender outlining the program and asking for specific income documents. Send the requested documents back
