what is a Forbearance/Special Forbearance

[877YouKeep]

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is a written agreement to accept a temporary suspension or reduction of payments until a homeowner can make regular payments again and enter into a repayment plan or loan modification.
* For To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily., the workout is called a Special Forbearance, There are 2 types - Special Forbearance 1 and Special Forbearance 2

* To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. type 1 is a written agreement, acknowledged by a homeowners and servicer, which contains a plan to forbear or curtail monthly mortgage payments due to unemployment. We have been successful at getting up to 3 months without payments or partial payments depending on your reason for default.
* To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. type 2 provides the customer time to stabilize income. During the time a To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. is structured to bring the mortgage payments current within 12 to 18 months. A special forbearance type 2 may also be structured to assist in paying advances for legal fees, escrow shortages, late charges and admin charges if within 3 month plan prior to entering inot a formal workout such as a modification.

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[nevadachick]

Isn't it a repayment plan between you and your mortgage company?