Looks like lots of people are getting a package of "Forbearance" from BofA.
Below are some threads about the forbearance discussed on zillow.com
by
Christopher Wilson,
Forebearance agreements will not remedy your situation unless your financial hardship will be resolved in the upcoming three months. You really need a permanent or somewhat longer termed modification. Usually, your bank will high ball you because they know they have the power position. If you are not eligible for HAMP, most of the time your lender will require you to be late under traditional terms. With the Forebearance agreement the bank may report you as late because they are not receiving the full payment. I would say your best bet is to get an attorney to handle this for you if you are in serious need and want results. Expect to pay 2-4k, but if they can save you 500 per month, then that is a good investment. Best of luck
by
Luis Aguilar What Does Mortgage Forbearance Agreement Mean?
An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.
If you are current with your payments this would not apply to you.
Perhaps they sent you the wrong paperwork. Most lenders are providing a temporary or trial period of 3 months at a lower payment than you were prviously paying. At the end of this trial period they will then decide on the new terms for your loan if indeed a loan modification will be approved.
Good Luck...
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