Forbearance Proposal from BofA

[wattsm]

We submitted a request for a restructure (through NACA), and the best they could offer was a 4 month forbearance with a reduced payment. This is not the long term solution we were hoping for. Has anyone here done the forbearance agreement, and then were approved for an acceptable loan modification/restructure at the end? I'm trying to decide to accept or not. I'll accept if I feel there's a better chance of them approving me for a loan restructure, but I don't want to waste another four months if it doesn't get me anywhere. I haven't missed a single payment, so it's not like the forbearance payment will prove anything to BofA. Any advice would be appreciated. Thanks.

[rameda18]

I got 6 months forbearance with half payment through NACA. I am behind 9 months and currently in foreclosure. I don't know if this is good or not either.

[Garry]

A forbearance is supposed to buy more time for the bank to find a solution for you and keep you in the home. I think you should get some advise from NACA because you are going through them, but under different circumstances I think the thing to do would be take it if you are behind or will be falling behind soon.

[alwayshope]

Does anyone know how that may affect your credit?? You hear so many different things.

[ama125]

Originally Posted by alwayshope

Does anyone know how that may affect your credit?? You hear so many different things.

Did a quick google search on your question...consistently seeing no credit damage for this (I have one on a student loan, and it does show up as deferred payment or forbearance...couldn't confirm if that affected my credit score or not due to the mortgage and cc payments that I have not made in months...I know they have definitely wrecked my score!).

Here's a good article on it: Mortgage Forbearance

[Housebroken13]

Please have a look at my thread here it should help alleviate your concerns:

Spoke to my negotiator today - Let's make it CLEAR