Fundamentals of Forbearance Agreements

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 topic 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 topic is critical for creditors wishing to avoid loss of priority, Statute of Limitations issues and litigation, should the borrowers default after executing the forbearance agreement.

Learning Objectives:

• 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 review forbearance agreements to ensure they provide essential clauses.
• You will be able to explain the procedures required to proceed with foreclosure after a default under a forbearance agreement.

This Live Webinar Covers These Hot Issues:

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

Acknowledgments

• Ratification and Confirmation of Loan Docs
  
• Acknowledging Total Amount of Debt Including Interest, Late 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

Credit Information (Sponsored by Lorman Education Services)

• CLE
• CPE
• NASBA

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Faculty

Peter T. Roach, Esq., Peter T. Roach & Associates, P.C.

• President of Peter T. Roach and Associates, P.C.
• Practices in all areas of Mortgage Default Servicing, including foreclosure, loss mitigation, bankruptcy, litigation, evictions and REO sales throughout the entire State of New York
• Lecturer for St. John’s University Continuing Legal Education Program, New York State Bar Association, Queens and Nassau County Bar Associations, Practicing Law Institute, Lorman Education Services, National Business Institute, The Knowledge Group and Marino Legal Continuing Legal Education
• Membership information - Board of Directors, St. John's University School of Law Alumni Association (member 1988 to present; president 2002 to 2004); International Network of Boutique Law Firms (INBLF), (member 2004 to 2016; president, New York Chapter, 2008 to 2011); New York State Bar Association; vice president of Harmony Heights School, 2000 to present
• J.D. degree, St. John’s University – School of Law; B.A. degree, State University of New York at Binghamton
• Can be contacted at 516-938-3100 Ext 318 or peter.roach@roachlawfirm.com