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December 28, 2010

Forbearance in Bankruptcy

Forbearance in bankruptcy can be a complex matter that requires help from a qualified attorney. Forbearance is a special financing arrangement that delays loan payments and prohibits banks from commencing with foreclosure or repossession of property used to secure the loan.

Forbearance in bankruptcy can go awry because technically borrowers are defaulting on the forbearance plan once they record their bankruptcy petition. However, when the petition is submitted the courts enter an automatic stay that stops collection activities from all creditors, including mortgage lenders.

Real Estate Investing article on "Forbearance in Bankruptcy "

December 21, 2010

Forbearance in Bankruptcy

Forbearance in bankruptcy refers to borrowers who have obtained a forbearance agreement from their mortgage lender or secured creditor. This type of contract is offered to borrowers who have become delinquent with loan payments and require time to get back on track.

Forbearance in bankruptcy is intended to grant borrowers financial relief while they reorganize debts. Unfortunately, forbearance agreements often only prolong the inevitable repossession of property or creditor judgment.

Real Estate Investing article on "Forbearance in Bankruptcy "