Understand the critical actions and legal issues that a lender should consider when entering into a forbearance agreement.
Oftentimes, borrowers encounter a temporary hardship that prevents them from making mortgage payments on a timely basis. When contacted by this borrower for assistance, a forbearance agreement may be the solution to their problem. This live webinar will provide insight to the person negotiating or drafting forbearance agreements on behalf of creditors as to what provisions should be included in forbearance agreements. This material is critical for creditors that want to avoid loss of priority, statute of limitations issues, and litigation; if the borrowers default after executing the forbearance agreement.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Distinguishing Forbearance Agreements From Loan Modifications
- Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
- Forbearance Agreements as Trial Modifications
- When Are Consents From Subordinate Lien Holders or Guarantors Required?
- Clearing Title While Forbearance Agreement in Effect Prior to Entering Into a Loan Modification
Forbearance Agreements Can Be Entered Into Before or During Foreclosure Action Commenced
Dual Tracking Prohibition Against Entering Judgment If Borrower Is Complying With Forbearance Agreement
Acknowledgments
- Ratification and Confirmation of Loan Docs
- Acknowledging Total Amount of Debt Including Interest, Larte Charges, and Legal Fees and Costs
- Acknowledging Debt and Expressing Intent to Pay
- Estoppel Certificates
Providing Remedies for Subsequent Default
- Notice Requirements
- Proceeding Ex Parte
- Cancelling Forgiveness and Proceeding With Foreclosure
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 19, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Peter T. Roach, Esq.
Roach & Lin, P.C.
- Principal of Roach & Lin, P.C.
- Practices in all areas of mortgage default servicing, including foreclosure, loss mitigation, bankruptcy, litigation, evictions, and REO sales throughout the entire State of New York
- Lecturer for St. John’s University Continuing Legal Education Program, New York State Bar Association, Queens and Nassau County Bar Associations, Practicing Law Institute, Lorman Education Services, The Knowledge Group, and Marino Legal Continuing Legal Education
- Membership information: board of directors, St. John's University School of Law Alumni Association (member, 1988 to present; president 2002 to 2004); International Network of Boutique Law Firms (INBLF) (member, 2004 to 2016; president, New York Chapter, 2008 to 2011); New York State Bar Association; and vice president of Harmony Heights School (2000 to present)
- J.D. degree, St. John’s University – School of Law; B.A. degree, State University of New York at Binghamton
- Can be contacted at 516-938-3100 ext. 318 or [email protected]
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