Highly-Qualified Mortgage Assistance Attorneys in Chicago, Illinois
If you are struggling to keep up with your mortgage payments, your lender may agree to a forbearance agreement. Under forbearance agreement, the lender agrees to delay payments for a short period of time, giving the homeowner time to recover financially.
At Ledford & Wu, we help people facing foreclosure explore all of the legal options available to them, including forbearance agreements. Our Chicago debt relief lawyers are here to help you solve your debt problems while keeping your home.
Are you struggling to keep your home? Contact a mortgage assistance lawyer by e-mail or call 888-542-1900 for a free consultation at any of our ten office locations. Our Chicago forbearance agreement lawyers are here to protect your rights.
Is a Forbearance Agreement Right for You?
Generally, forbearance agreements are well suited to people who are experiencing a temporary financial setback, such as job loss or medical bills. Under such circumstances, a mortgage lender may allow you to go for a period of time without making any mortgage payments. Of course, the shorter the period of time, the more likely the lender is to agree to the forbearance agreement. Rarely will they agree to a period greater than six months.
The plans usually call for repayment of mortgage arrears as additional payments over six to twelve months. This is why they are well-suited for people who are having short-term issues. The forbearance agreement takes payments that were missed and puts them into a repayment plan where individuals make regular payments to their mortgage payments plus a "catch-up" payment for six to twelve months.
If used properly, a forbearance agreement can give you the time you need to recover from a temporary financial setback, allowing you get on stable footing and get back on track with your mortgage payments. Please remember, however, that a forbearance agreement does not eliminate debt, it only puts it off until later.
Our experienced attorneys can help you decide if a forbearance agreement is in your best interests, or if you would be better served by Chapter 13 bankruptcy or another debt relief option.
Contact Us
Contact our law offices online or call 888-542-1900 to speak with an experienced Illinois mortgage defense lawyer. We are ready to help.
