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Fundamentals of Forbearance Agreements

Know what critical actions and legal issues 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 topic 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 topic is critical for creditors wishing to avoid loss of priority, Statute of Limitations issues and litigation, should the borrowers default after executing the forbearance agreement.

Runtime: 87 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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, Late 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
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 3, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Peter T. Roach, Esq.

Peter T. Roach, Esq.

Roach & Lin, P.C.

  • Principal at Roach & Lin, P.C. in Syosset, New York
  • Practices in all areas of mortgage default servicing, including foreclosure, loss mitigation, bankruptcy, litigation, evictions and REO sales throughout the entire state of New York
  • Served as an adjunct professor of law at St. John’s University School of Law, teaching a variety of courses including real estate finance, real estate drafting, and title insurance
  • Member of numerous professional and civic organizations
  • Frequent speaker and has written numerous publications
  • J.D. degree, St. John’s University, School of Law; B.A. degree, State University of New York at Binghamton
  • Can be contacted at 516-938-3100 ext. 318 or [email protected]
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Product ID: 401854
Published 2018
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