7 Critical Things to Know about a Forbearance Agreement

Free Foreclosure Case Evaluation

Cozmyk Law offers a free evaluation of your case and provides you with all the information necessary to make an informed decision.

1Applicant Info
2Summary Info
3Case Details
4Contact Info

If you are a home or property owner in Ohio and are struggling to keep up with your payments, a forbearance agreement can be a lifesaver. However, this is only if you understand forbearance agreements well enough to create an arrangement that a lender agrees to and that actually helps you get out of financial trouble 

Mortgage forbearance is an agreement between a homeowner and a lender that provides the homeowner with temporary relief by pausing or reducing mortgage payments. The intent is to give you, the home- or property owner, time to repair your financial situation and avoid foreclosure.

7 Essential Facts about a Forbearance Agreement

1. The Agreement Would Allow You To Temporarily Stop Making Payments, Or To Make Smaller Payments

At the end of the forbearance period, you must resolve the delinquency by making a lump-sum payment or establishing a long‐term repayment plan.

2. Forbearance Is Not Automatic

You cannot simply stop making your payments without first arranging for a forbearance – your credit score will likely suffer and you may even find yourself in default.

3. Forbearance Has Long-Term Implications

While forbearance is a lifeline to homeowners in trouble, it does have long-term consequences. Your payments may increase after the forbearance period ends, for example, and you will need to make up the missed payments somehow. Because of these long-term consequences, the use of mortgage forbearance is reserved only for severe hardship.

4. Mortgage Forbearance Lasts For A Predetermined Amount Of Time…

Mortgage forbearance usually lasts three to six months, depending on the terms of the agreement.

5. … But They May Be Extended In Some Cases

For most loans, a forbearance may be extended up to 12 months. What’s more, some loans may be eligible for up to 18 months of financial relief, depending on when the original forbearance started.

6. Mortgage Forbearance Is Not The Same As A Loan Modification

Mortgage forbearance is a temporary solution – you’ll return to making full mortgage payments when the forbearance period ends. A loan modification, by comparison, permanently reduces your payments.

7. Having A Qualified Foreclosure Defense Attorney Is Essential

Navigating a mortgage forbearance agreement can be difficult, and even the smallest mistakes in creating the agreement can have major consequences. For the best outcome possible, get an attorney who understands forbearance and foreclosure assistance in Ohio.

Contact Cozmyk Law Offices For A Free Case Evaluation

Contact Cozmyk Law for more information about getting the most out of your mortgage foreclosure. Our attorneys specialize in fighting foreclosure and raising all available defenses, such as mortgage forbearance. We are here to fight for you, and if at all possible, we can help you save your home – but you must act fast. Contact us as soon as possible to schedule your free case evaluation. You may also call us at (877) 570-4440.

Cleveland, Ohio

6100 Oak Tree Boulevard
Suite 200
Independence, Ohio 44131

Office #: (216) 452-9145
Fax #: (216) 485-2125

Dayton, Ohio *

70 Birch Alley
Suite 240 Building B
Beavercreek, OH 45440

Office #: (937) 314-4297
Fax #: (216) 485-2125

Bethalto, IL *

333 West Bethalto Dr.
Suite C
Bethalto, IL 62010

Office #: (877) 813-0264
Fax #: (216) 485-2125

Cleveland, Ohio*

600 Superior Ave East
Fifth Third Building, Suite 1300
Cleveland, OH 44114

Office #: (216) 452-9145
Fax #: (216) 485-2125

Cincinnati, Ohio*

300 E Business Way, Suite 200
Summit Woods Corporate Center
Cincinnati, OH 45241

Office #: (513) 318-4764
Fax #: (216) 485-2125

Springfield, IL*

920 South Spring Street
Springfield, IL 62704

Office #: (877) 813-0624
Fax #: (216) 485-2125

Toledo, Ohio *

1690 Woodlands Dr
Suite 200
Maumee, OH 43537

Office #: (419) 600-0691
Fax #: (216) 485-2125

Columbus, Ohio *

545 Metro Place South
One Metro Place, Suite 100
Dublin, Ohio 43017

Office #: (614) 636-4692
Fax #: (216) 485-2125

Chicago, IL *

22 West Washington St.
Suite 1500
Chicago, IL

Office #: (630) 560-4471
Fax #: (630) 503-7828

* By Appointment Only

Disclaimer – This website is a public resource of general information concerning our law firm. The website or the associated pages is not intended to be and it is not a source of legal advice. Links on this website are not intended to be referrals or endorsements of the linked entities. No recipient of content from this site, client, whether current or otherwise, should act or refrain from acting based on information at this site. Any and all information on this website is not intended to, nor does it, constitute or establish an attorney-client relationship.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Call now for live help!