Description
Learn how to differentiate between loan modification and forbearance agreements to ensure the best option for your clients.Borrowers may encounter a temporary hardship that may prevent them from remaining current on their mortgage loan and making payments on a timely basis. When contacted by a 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 presentation will critically look into avoiding loss of priority, the statute of limitations issues, and litigation, or should a borrower default after entering into the forbearance agreement.
Date: 2024-05-16 Start Time: End Time:
Learning Objectives
Distinguishing Forbearance Agreements From Loan Modifications
• Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
• Forbearance Agreements as Trial Modifications
• When Are Subordination Agreements or Consent Agreements From Subordinate Lienholders or Guarantors Required?
• Clearing Title While a Forbearance Agreement or Trial Modification Is in Effect Prior to Entering Into a Loan Modification
Forbearance Agreements Can Be Entered Into Before Commencement or During a Foreclosure Action
Dual Tracking Prohibition Against Entering Judgment If the Borrower Is Complying With the Forbearance Agreement
Acknowledgments
• Ratification and Confirmation of Loan Docs
• Acknowledging the Total Amount of Debt Including Interest, Late Charges, and Legal Fees and Costs
• Acknowledging Debt and Expressing Intent to Pay
Providing Remedies for Subsequent Default
• Notice Requirements
• Acceleration/Deceleration and Proceeding With Foreclosure
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Nicholas Perciballi-Roach & Lin, P.C.
