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ILResident · 07-08-2009, 12:51 PM

Based on my experience there are a couple of options available to you as far as a Forbearance Program is concerned. I'm not sure what GMAC permits but I'm thinking if yours is a Fannie Mae loan they should offer something along the same lines.

When I first became I delinquent Countrywide granted me a year long forbearance where I did not make any mortgage payments and nothing negative was reported on my credit. If they would not agree to that then they may be able to offer the same type of arrangement with reduced payments for a period of time. That is what I have currently been offered through BOA but seeing that I am already 19 months behind and a modification is not guaranteed, foreclosure might be inevitable. If that is the case then it is senseless for me to accept the Forbearance contract I have been offered.

07-08-2009, 12:51 PM	#11 (permalink)
ILResident Member Join Date: Apr 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Forebearance = trial period? Based on my experience there are a couple of options available to you as far as a Forbearance Program is concerned. I'm not sure what GMAC permits but I'm thinking if yours is a Fannie Mae loan they should offer something along the same lines. When I first became I delinquent Countrywide granted me a year long forbearance where I did not make any mortgage payments and nothing negative was reported on my credit. If they would not agree to that then they may be able to offer the same type of arrangement with reduced payments for a period of time. That is what I have currently been offered through BOA but seeing that I am already 19 months behind and a modification is not guaranteed, foreclosure might be inevitable. If that is the case then it is senseless for me to accept the Forbearance contract I have been offered.