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July 17, 2008

Forbearance Agreement for your Mortgage Payment

A forbearance agreement is used when a Borrower falls behind on their mortgage payments. In essence, a forbearance agreement reduces or suspends mortgage note payments for a specified period of time. A repayment plan follows and includes the normal monthly mortgage payment, along with a payment to repay the delinquent amount.

Real estate forbearance agreements are generally reserved for Borrower's facing temporary financial setbacks. Borrowers must provide proof they can adhere to the repayment plan once the forbearance timeframe expires.

Real Estate Investing article on "Forbearance Agreement for your Mortgage Payment"