Results for tag: "Forbearance Agreement"

A forbearance agreement is a contract between a mortgage lender and borrower that allows the borrower to temporarily suspend or reduce their mortgage payments. This agreement is typically used when a borrower is facing financial hardship due to a job loss, medical emergency, or other unexpected event. The lender agrees to temporarily reduce or suspend payments for a specified period of time, allowing the borrower to get back on their feet. During this period, the lender may also agree to waive late fees and other penalties. At the end of the forbearance period, the borrower must resume making payments as agreed upon in the contract. The forbearance agreement market is an important part of the mortgage industry, providing borrowers with a way to manage their finances during difficult times. It is also beneficial to lenders, as it helps to reduce the risk of default and foreclosure. Some companies in the forbearance agreement market include Bank of America, Wells Fargo, Quicken Loans, and US Bank. Show Less Read more