Learn how to differentiate between loan modification and forbearance agreements to ensure the best option for your clients.
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 information 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 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.
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 White 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 Documents
• 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 & 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 and many other organizations
- Member of numerous professional and civic organizations
- 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
(Not available outside the US)