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Forbearance agreement for stopping foreclosure action

The forbearance agreement will identify the parties, explain how much and how often additional payments are to be made to the lender as well as any other lender required language. The forbearance agreement will state that, as long as you make the agreed upon payments on time, the lender can not continue with their foreclosure action. The forbearance agreement will, in all likelihood, be ratified (accepted and agreed to) by the court.

An unfortunate feature of the forbearance is that, should the borrower miss a payment or violate any other term or provision of the agreement, the plaintiff may then be entitled to ask the court for a final judgment. The plaintiff may accomplish this by merely submitting an affidavit of default to the court and simultaneously scheduling one hearing in front of the judge.

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