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Sponsored by Lorman Education
Product ID: 408601EAU
 
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Fundamentals of Forbearance Agreements

OnDemand Webinar (89 minutes)

Understand 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 live webinar 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 material is critical for creditors that want to avoid loss of priority, statute of limitations issues, and litigation; if the borrowers default after executing the forbearance agreement.

Authors

Peter T. Roach, Esq., Roach & Lin, P.C.

Agenda

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

Acknowledgments

• Ratification and Confirmation of Loan Docs

• Acknowledging Total Amount of Debt Including Interest, Larte 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