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Can a borrower request to the lender to revise a temporary forbearance agreement to a more reasonable amounts for the borrower?
Wiki User
∙ 15y ago
A borrower can make any request they like to their lender. The lender does not need to respond beyond acknowledging the request if that. Based on the question there is already a temporary forbearance agreement in place and the borrower is seeking to change the agreement. If that is accurate the borrower has already failed to live up to the original terms they agreed to when they took out the loan. They then agreed to new terms with the lender when the temporary forbearance was agreed. A third time around is going to send a message to the lender that the borrower is not in control of their situation or that they just cannot be trusted to perform as agreed. With that backdrop I would carefully think through why yet another deal needs to be struck. Maybe there really is a good reason. That information will need to be shared with the lender. Understand that the lender hears stories every day and some are lies or a con. If you want help you need to be very open with the lender as to what is going on and be prepared to convince the lender that you really can handle the payments if an adjustment is made one more time. While the lender is better off with a loan that is performing even on restructured terms at some point the lender needs to assume that some loans are really not going to get paid. At that point legal proceedings will begin.
Wiki User
∙ 15y ago
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Can forbearance affect buying a house?
Yes it does, as it delays the foreclosure when the borrower is having financial problems. But this is only a temporary solution as if the borrower has very serious financial problem, this is definitely the solution.
What is Forbearance Plan?
A forbearance is when a lender allowes the borrower to put off payments until a later time.
Use forbearance in a sentence associated with foreclosure?
Forbearance in a lending context is a mortgage lender's delay of foreclosure proceedings in order to give a borrower a chance to bring up-to-date overdue payments.
Who is the mortgagors'?
The borrower in a mortgage agreement. Sometimes spelled mortgager.
What is forbearing?
1. The act of waiting, the exercise of patience. 2. Indulgence, especially towards enemies. (Dictionary.com) 2. (In the context of mortgage) Loan borrowers sometimes have problems with their payments due to unexpected circumstances. This is certainly a problem which may cause the lender to start the foreclosure process. To avoid this situation, lender and borrower have the option to make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower could catch-up his payment schedule in a certain amount of time. This time-period and the payment plan depend on the details of the agreement which are accepted by both of the parties involved.
What is an inter creditor agreement?
An agreement beteen two creditors agreeing in advance how their competing interests in their common borrower will be dealt with.
How do you remove someone as a co-borrower on a mortgage?
Refinance the lending agreement without the person's being a participant.
Can a co-borrower of a car loan sign a pay agreement with a new car dealership to trade in the vehicle without the borrower's signature?
Nope, no way, abolutely not.
Can the primary borrower on a car loan take the vehicle away from you?
YES IF YOU DO NOT FOLLOW THROUGH WITH YOUR AGREEMENT.
Rights and responsibilities of borrowing?
As a loan borrower you have the right to a grace period and an explanation, deferment of repayment for certain periods, forbearance, and documentation that your loan was paid in full. It is your responsibility to repay your loan in full.
What is the legal ground for the co-borrower to demand restitution payment from the borrower in case of failure of repayment of student bank loan by the borrower if the co-borrower has made all necess?
Unless there is a separate legal agreement or order between the 2 borrowers, there is absolutely no legal recourse whatsoever.
Does being a co borrower mean having the same rights to the property as a borrower?
No, the agreement of the co-borrower is independent of the deed/title. Being a co-borrower means that you share the responsibility of the loan on the property, but the property ultimately belongs to whoever is listed as owner(s) on the title or deed.
