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Fundamentals of Forbearance Agreements - Webinar

  • ID: 4395041
  • Webinar
  • 90 Minutes
  • Lorman Business Center, Inc.
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What are the critical actions and legal issues that a lender should consider when entering into a forbearance agreement?

Oftentimes, borrowers encounter a temporary hardship that prevents them from making mortgage payments on a timely basis. When contacted by this borrower for assistance, a forbearance agreement may be the solution to their problem. This topic will provide insight to the person negotiating or drafting forbearance agreements on behalf of creditors as to what provisions should be included in forbearance agreements. This topic is critical for creditors wishing to avoid loss of priority, Statute of Limitations issues and litigation, should the borrowers default after executing the forbearance agreement.

Learning Objectives
  • You will be able to define and distinguish between a loan modification and a forbearance agreement.
  • You will be able to discuss when a forbearance agreement should be entered into prior to a loan modification.
  • You will be able to review forbearance agreements to ensure they provide essential clauses.
  • You will be able to explain the procedures required to proceed with foreclosure after a default under a forbearance agreement.
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Distinguishing Forbearance Agreements From Loan Modifications
  • Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
  • Forbearance Agreements as "Trial Modifications"
  • When Are Consents From Subordinate Lien Holders or Guarantors Required?
  • Clearing Title While Forbearance Agreement in Effect Prior to Entering Into a Loan Modification
Forbearance Agreements Can Be Entered Into Before or During Foreclosure Action Commenced

Dual Tracking Prohibition Against Entering Judgment If Borrower Is Complying With Forbearance Agreement

  • Ratification and Confirmation of Loan Docs
  • Acknowledging Total Amount of Debt Including Interest, Late Charges, and Legal Fees and Costs
  • Acknowledging Debt and Expressing Intent to Pay
  • Estoppel Certificates
Providing Remedies for Subsequent Default
  • Notice Requirements
  • Proceeding Ex Parte
  • Cancelling "Forgiveness" and Proceeding With Foreclosure
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Peter T. Roach, Esq. - Peter T. Roach & Associates, P.C.
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This webinar is designed for attorneys, presidents, vice presidents, loan officers, loan department personnel, branch managers, credit and collections managers, real estate professionals, controllers, accountants and auditors.
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