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What is a forbearance agreement?

A forbearance agreement is a short term accommodation made by your mortgage lender that reduces or even suspends your mortgage obligations for a set period of time, during which the lender agrees not to foreclose on your home.

If you lose your job, divorce, or become injured, a forbearance agreement can help bridge the gap between your previous earning power and your future endeavors.

Terms differ between lenders, but essentially you can expect that at the end of your forbearance period, you’ll resume mortgage payments as before, with an additional amount that allows you to bring the missed payments up to date.

If you need help avoiding foreclosure and negotiating with a mortgage lender, call the Queens mortgage protection attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 and talk to a lawyer for free.