Special Forbearance Agreement from Wells - help - Loan Modification Forum

ultimate4799 · 09-08-2009, 11:46 PM

Hi to all our dear Attorneys here at loansafe,
Need your thoughts on below Forbearance agreement to tell me if credible or not. Note that I requested loan mod thru HAMP and didn't pay my mortgage since Jan due to paycut. NOD since Jun 15th(no NOS yet).

See below :

Failure to sign and return this agreement with you first installment will render it null and void.

1.) This plan is an agreement to temporarily accept reduced payments or maintain regular monthly payments during the plan specified below. Upon completion of the plan, the loan must be brought current or an arrangement to satisfy the arrearage must be executed
2.) Lender is under no obligation to enter into further agreement and this forbearance shall not constitute a waiver of the lender's right to insist upon strict performance in the future
3.) All of the provisions of the note and security instrumentr,except as herein provided, shall remain in full force and effect. Any breach of any provision of this agreement or non-compliance with this agreement. shall render the forbearance null and void, and at the option of the lender without further notice to you may terminate the agreement. The lender, at its option, may institute foreclosure proceedings accdg to the terms of the note and security instrument without regard to this agreement. In the event of foreclosure, you may incur additional expenses of attorney's fees and foreclosure costs
4.) The due date of your loan will continue to be reported to the credit bureaus on a monthly basis. While the forbearance plan is in effect, there will be special notation: "Paying under a partial payment agreement
5.) Each payment must be remitted accdg to the schedule below
Plan Date AMT
01 09/15/09 $3462.00
02 10/15/09 $3462.00
03 11/15/09 $3462.00

6.) There is no grace period allowance in this agreement. All payments on or before the agreed due date. If any payment is not received on or before the agreed due date, the agreement will be void and the total delinquency, including fees, will be due immediately
7.) The total payment indicated on each payment of the payment schedule must be remitted. In the event the total amount due of each payment is not received, the special forbearance agreemnt will be null and void

FYI that I'm not comfortable signing above agreement since I can't afford the same monthly payments anymore due to paycuts but would love to hear your thoughts.

ultimate4799 · 09-11-2009, 11:26 AM

Anyone from our loansafe attorneys have any insights, thoughts? I appreciate it.

09-08-2009, 11:46 PM	#1 (permalink)
ultimate4799 Senior Member Join Date: Nov 2008 Posts: 233 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Special Forbearance Agreement from Wells - help Hi to all our dear Attorneys here at loansafe, Need your thoughts on below Forbearance agreement to tell me if credible or not. Note that I requested loan mod thru HAMP and didn't pay my mortgage since Jan due to paycut. NOD since Jun 15th(no NOS yet). See below : Failure to sign and return this agreement with you first installment will render it null and void. 1.) This plan is an agreement to temporarily accept reduced payments or maintain regular monthly payments during the plan specified below. Upon completion of the plan, the loan must be brought current or an arrangement to satisfy the arrearage must be executed 2.) Lender is under no obligation to enter into further agreement and this forbearance shall not constitute a waiver of the lender's right to insist upon strict performance in the future 3.) All of the provisions of the note and security instrumentr,except as herein provided, shall remain in full force and effect. Any breach of any provision of this agreement or non-compliance with this agreement. shall render the forbearance null and void, and at the option of the lender without further notice to you may terminate the agreement. The lender, at its option, may institute foreclosure proceedings accdg to the terms of the note and security instrument without regard to this agreement. In the event of foreclosure, you may incur additional expenses of attorney's fees and foreclosure costs 4.) The due date of your loan will continue to be reported to the credit bureaus on a monthly basis. While the forbearance plan is in effect, there will be special notation: "Paying under a partial payment agreement 5.) Each payment must be remitted accdg to the schedule below Plan Date AMT 01 09/15/09 $3462.00 02 10/15/09 $3462.00 03 11/15/09 $3462.00 6.) There is no grace period allowance in this agreement. All payments on or before the agreed due date. If any payment is not received on or before the agreed due date, the agreement will be void and the total delinquency, including fees, will be due immediately 7.) The total payment indicated on each payment of the payment schedule must be remitted. In the event the total amount due of each payment is not received, the special forbearance agreemnt will be null and void FYI that I'm not comfortable signing above agreement since I can't afford the same monthly payments anymore due to paycuts but would love to hear your thoughts.

09-11-2009, 11:26 AM	#2 (permalink)
ultimate4799 Senior Member Join Date: Nov 2008 Posts: 233 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Special Forbearance Agreement from Wells - help Anyone from our loansafe attorneys have any insights, thoughts? I appreciate it.

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