Why is my bank asking me to sign a Forbearance agreement?
I applied for a loan modification to hopefully lower my mortgage payments. My bank called and said it looks like i will qualify, but because my loan is owned by a private invester (not fannie mae or freddie mac) I need to be deliquent by 90 days. Therefore, they have asked I make a small amount of payment of my monthly payment each month for 3mnths ( in other words, not the full amount) and sign the forbearance agreeement. Then to get back to them in 3mnths to see what type of loan modification I will get? does this make sense? and what is the forbearance agreement? Thanks
I am not behind on my loan, just struggling on my payments, but havent been behind or late