Special Forbearances Suck!

[homequest]

From my understanding when reading about special forbearances in the Loss Mitigation Manual, are they often used when the homeowner doesn't have the full contribution payment upfront and they can be paid in monthly installments with the Special Forbearance?

Then once the Investor collects the initial payment they can then put them on a better plan like a loan mod?

Just want to make sure I'm on the right page.

Thanks

[877YouKeep]

These are good plans for homeowners to delay the sale and give a homeowner an opportunity to increase income, save for a contribution... not a bad plan

[homequest]

So my question is are Special forbearances used to collect the initial payment OVER TIME that lenders normally request upfront?

[877YouKeep]

that is one of the many uses for the special forbearance you can also use in a case where a homeowner wants to sell, and additional reasons. Buy our loss mitigation training guide we answer question in detail.