Re: unsatisfied with repayment agreement

Posted by Reinstatement Services, Inc. on October 29, 2002 at 16:46:23:

In Reply to: unsatisfied with repayment agreement posted by t shaw on October 29, 2002 at 10:06:27:

Depending upon the type of loan you have, you might still be eligible for a number of alternatives that would allow you to retain your property as you move towards reinstatement.

The situation you've described is not unusual. Many lenders will 'suspend' the foreclosure activity or simply 'roll over' the sale date to the next month while a loan is under forbearance.

In doing this the lender is able to increase the odds of the homeowner honoring the terms of the agreement they've entered into without the lender risking the possiblitiy of incuring more costs to start the process over[undisclosed state laws factor in].

Finally, it should be understood that once a homeowner has entered into a forbearance agreement with the lender, it is incumbent upon the HOMEOWNER to make certain that the terms are honored to the letter. Factors such as mail delivery, payroll, and the like should already be factored into the agreement making situations that might jeopardize the honoring of the agreement a non-issue.

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Comments:
: Depending upon the type of loan you have, you might still be eligible for a number of alternatives that would allow you to retain your property as you move towards reinstatement.  

: The situation you've described is not unusual. Many lenders will 'suspend' the foreclosure activity or simply 'roll over' the sale date to the next month while a loan is under forbearance. 

: In doing this the lender is able to increase the odds of the homeowner honoring the terms of the agreement they've entered into without the lender risking the possiblitiy of incuring more costs to start the process over[undisclosed state laws factor in]. 

: Finally, it should be understood that once a homeowner has entered into a forbearance agreement with the lender, it is incumbent upon the HOMEOWNER to make certain that the terms are honored to the letter. Factors such as mail delivery, payroll, and the like should already be factored into the agreement making situations that might jeopardize the honoring of the agreement a non-issue. 


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