Fundamentals of Forbearance Agreements
Understand the critical actions and legal issues that a lender should consider when entering into a forbearance agreement.
Oftentimes, borrowers encounter a temporary hardship that prevents them from making mortgage payments on a timely basis. When contacted by this borrower for assistance, a forbearance agreement may be the solution to their problem. This live webinar will provide insight to the person negotiating or drafting forbearance agreements on behalf of creditors as to what provisions should be included in forbearance agreements. This material is critical for creditors that want to avoid loss of priority, statute of limitations issues, and litigation; if the borrowers default after executing the forbearance agreement.
Who should attend?
This live webinar is designed for
- vice presidents
- loan officers
- loan department personnel
- branch managers
- credit and collections managers
- real estate professionals
- accountants and auditors.
Distinguishing Forbearance Agreements From Loan Modifications
- Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
- Forbearance Agreements as Trial Modifications
- When Are Consents From Subordinate Lien Holders or Guarantors Required?
- Clearing Title While Forbearance Agreement in Effect Prior to Entering Into a Loan Modification
Forbearance Agreements Can Be Entered Into Before or During Foreclosure Action Commenced
Dual Tracking Prohibition Against Entering Judgment If Borrower Is Complying With Forbearance Agreement
- Ratification and Confirmation of Loan Docs
- Acknowledging Total Amount of Debt Including Interest, Larte Charges, and Legal Fees and Costs
- Acknowledging Debt and Expressing Intent to Pay
- Estoppel Certificates
Providing Remedies for Subsequent Default
- Notice Requirements
- Proceeding Ex Parte
- Cancelling Forgiveness and Proceeding With Foreclosure
Certification / Credits
- You will be able to define and distinguish between a loan modification and a forbearance agreement.
- You will be able to discuss when a forbearance agreement should be entered into prior to a loan modification.
- You will be able to explain the procedures required to proceed with foreclosure after a default under a forbearance agreement.
- You will be able to review forbearance agreements to ensure they provide essential clauses.
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Lorman Education Services - Live and On-Demand Courses
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