| Forbearance |
LOAN FORBEARANCE & REPAYMENT PLANS
These are agreements with your lender to repay your past due payments when you are behind on mortgage payments.
This will stop foreclosure quickly!
Repayment Plans come in a variety of options - all require that your financial hardship situation is temporary and soon to
be resolved. Forbearance plans work well if you have incurred a short term financial hardship and your loan is 90 days to
365 days past due. A Type I Forbearance can aid you by providing more relief than is possible from normal repayment
plan. A Type II Forbearance is sometimes available in an unemployment situation -- again where the promise of future
employment is present.
Under such agreements, the lender suspends and/or reduces payments for a period, usually less than 6 months, although
it can go longer (12-18 months in some plans). At the end of the reduced-payment period, a repayment plan kicks in. You
agree to make the regular payment plus an additional agreed-upon amount that will cover all the payments that were not
made during the forbearance period. The repayment period is usually no longer than a year. If the plan is successful, you
will be brought current and the lender will suffer no loss. However, the lender will only consider this approach if convinced
that your financial problem is temporary.
You may qualify for this if you have recently lost your job or your source of income, or if you had an unexpected increase
in living expenses. In all cases, you must furnish information to your lender to show that you would be able to meet the
requirements of the new payment plan.
Let’s look at an example:
Say you are 10 payments behind at $1500/payment. With $2500 in Attorney Fees, you currently owe the bank $17,500
(no counting late fees, insurance fees, taxes, etc). Typically a bank will ask for 40-50% of the back payments + attorney
fees. In this example that would be 4 of 10 payments (4 x 1500) = $6000, plus $2500 attorney fees = $8500 due now.
Thus, if you have $8500 now, the bank may accept your forbearance request. Then the balance of the six payments
($9000) will be processed in a repayment plan that is usually 6 to 12 months. So, let’s say the bank accepted your $8500
and then gave you a 9-month repayment plan. If that was the case, then your new monthly payment would be: $1500
(original payment) + $1000 (1/9 of the unpaid balance still due) = $2500 payment per month for the next 9 months.
Then, at the end of the 9th month, your payments would return to the original $1500/month and you would have
successfully completed your forbearance.
Important notes:
Understand that just because you work out a deal with the bank, you are NOT out of foreclosure. In fact, you are STILL
IN FORECLOSURE until you complete the entire forbearance agreement plan. Then and only then will you get a
foreclosure withdraw letter from your bank stating that your loan is current. In the mean time, the bank will usually keep
passing the foreclosure sale date each month – moving it to the next month. But, if you don’t pay ON OR IN ADVANCE of
the payment due date, the bank can sell your home at the next sale date. If this happens, to avoid that fast foreclosure
sale, you should contact your bank immediately and try to work out a NEW forbearance agreement if possible – but
understand that once again, you will need to come up with that large down-payment and you will get a new (even higher)
monthly payment.
Can GPS help you with this option?
YES! GPS can assist you in working out a Repayment Plan or Loan Forbearance on your behalf. Our
Professional Fee to negotiate this option is a flat fee equal to ONE MONTH's Mortgage Payment. click here
for more details. (FULL DISCLOSURE: You may be able to work out a Loan Forbearance on your own if you have the time and ability to negotiate with the
banks directly).
If you would like to inquire further about how to SAVE YOUR HOME with this option, please CLICK HERE TO APPLY NOW.
There is NO CHARGE to submit your form for GPS review.
If GPS agrees to accept your case, then you have multiple payment options: you can either pay GPS directly by on our
FORMS Page, or you can make a check out to "Genesis Property Solutions, LLC" and arrange for mailing by calling 888-
GPS-LLC7, or you can even have your money placed in escrow with Elite Title of Tampa, FL (contact Lynn or Michelle at
813-948-6617) -- where it will be held by a third-party company until such time as GPS is able to secure Approval for your
requested workout option. Remember, in all cases, you will receive a Receipt for Payment.
In addition, don't forget that for most SAVE MY HOME options, GPS offers a Money Back Guarantee - click
here for details!
Need a Payment Plan? GPS can help - click here for details.
These are agreements with your lender to repay your past due payments when you are behind on mortgage payments.
This will stop foreclosure quickly!
Repayment Plans come in a variety of options - all require that your financial hardship situation is temporary and soon to
be resolved. Forbearance plans work well if you have incurred a short term financial hardship and your loan is 90 days to
365 days past due. A Type I Forbearance can aid you by providing more relief than is possible from normal repayment
plan. A Type II Forbearance is sometimes available in an unemployment situation -- again where the promise of future
employment is present.
Under such agreements, the lender suspends and/or reduces payments for a period, usually less than 6 months, although
it can go longer (12-18 months in some plans). At the end of the reduced-payment period, a repayment plan kicks in. You
agree to make the regular payment plus an additional agreed-upon amount that will cover all the payments that were not
made during the forbearance period. The repayment period is usually no longer than a year. If the plan is successful, you
will be brought current and the lender will suffer no loss. However, the lender will only consider this approach if convinced
that your financial problem is temporary.
You may qualify for this if you have recently lost your job or your source of income, or if you had an unexpected increase
in living expenses. In all cases, you must furnish information to your lender to show that you would be able to meet the
requirements of the new payment plan.
Let’s look at an example:
Say you are 10 payments behind at $1500/payment. With $2500 in Attorney Fees, you currently owe the bank $17,500
(no counting late fees, insurance fees, taxes, etc). Typically a bank will ask for 40-50% of the back payments + attorney
fees. In this example that would be 4 of 10 payments (4 x 1500) = $6000, plus $2500 attorney fees = $8500 due now.
Thus, if you have $8500 now, the bank may accept your forbearance request. Then the balance of the six payments
($9000) will be processed in a repayment plan that is usually 6 to 12 months. So, let’s say the bank accepted your $8500
and then gave you a 9-month repayment plan. If that was the case, then your new monthly payment would be: $1500
(original payment) + $1000 (1/9 of the unpaid balance still due) = $2500 payment per month for the next 9 months.
Then, at the end of the 9th month, your payments would return to the original $1500/month and you would have
successfully completed your forbearance.
Important notes:
Understand that just because you work out a deal with the bank, you are NOT out of foreclosure. In fact, you are STILL
IN FORECLOSURE until you complete the entire forbearance agreement plan. Then and only then will you get a
foreclosure withdraw letter from your bank stating that your loan is current. In the mean time, the bank will usually keep
passing the foreclosure sale date each month – moving it to the next month. But, if you don’t pay ON OR IN ADVANCE of
the payment due date, the bank can sell your home at the next sale date. If this happens, to avoid that fast foreclosure
sale, you should contact your bank immediately and try to work out a NEW forbearance agreement if possible – but
understand that once again, you will need to come up with that large down-payment and you will get a new (even higher)
monthly payment.
Can GPS help you with this option?
YES! GPS can assist you in working out a Repayment Plan or Loan Forbearance on your behalf. Our
Professional Fee to negotiate this option is a flat fee equal to ONE MONTH's Mortgage Payment. click here
for more details. (FULL DISCLOSURE: You may be able to work out a Loan Forbearance on your own if you have the time and ability to negotiate with the
banks directly).
If you would like to inquire further about how to SAVE YOUR HOME with this option, please CLICK HERE TO APPLY NOW.
There is NO CHARGE to submit your form for GPS review.
If GPS agrees to accept your case, then you have multiple payment options: you can either pay GPS directly by on our
FORMS Page, or you can make a check out to "Genesis Property Solutions, LLC" and arrange for mailing by calling 888-
GPS-LLC7, or you can even have your money placed in escrow with Elite Title of Tampa, FL (contact Lynn or Michelle at
813-948-6617) -- where it will be held by a third-party company until such time as GPS is able to secure Approval for your
requested workout option. Remember, in all cases, you will receive a Receipt for Payment.
In addition, don't forget that for most SAVE MY HOME options, GPS offers a Money Back Guarantee - click
here for details!
Need a Payment Plan? GPS can help - click here for details.
| Genesis Property Solutions, LLC "Creating New Beginnings for Homeowners" Let GPS guide you to a fresh start in life, too! |
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| Copyright Genesis Property Solutions, LLC. All rights reserved. We specifically disclaim any errors, omissions, or any other inconsistency herein. We specifically disclaim any liability, risk or loss, personal or otherwise as incurred as a direct or indirect result of your reliance on this information. All GPS Fees are subject to change without notice, however any change will not affect deals currently in progress. |
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| EMAIL GPS gps@genesispropertysolutions. ORG |
| FAX GPS 813-200-3324 |
| Call GPS 888-GPS-LLC7 |
