How do Forbearance Agreements work?
Typically the way a forbearance agreement works is that a homeowner has to come up with a 30-50 % of the total delinquency. The remaining delinquency balance is then spread out over a 12 to 24 month period. This payment is in addition to your regular mortgage payment. For Example if you are $12,000.00 delinquent in your payments your work out plan may look like: $4,000.00 down payment and the balance of $8,000.00 will be spread over 24 months means your payment will increase $333.00 per month.
