Loan Forbearance

Are you having difficulty paying your mortgage or student loans due to a temporary financial situation?  If so, you may be eligible for loan forbearance.  This debt relief solution is typically requested along with a loan modification.

Loan forbearance is a debt relief solution used in specific situations where a modification or Bankruptcy is unnecessary.  If you are eligible for forbearance based on your circumstances, the lender will let you delay future payments for a certain period of time, which could be three to six months.  The lender does not forgive the debt, but allows you to bounce back from your financial dilemma and pay what you owe at a later date.  If your debt is more significant and your situation is more extreme, it is usually better to consider a loan modification or Bankruptcy.

In some cases, forbearance is the best debt relief solution.  It is a quick solution to a temporary financial problem.  The Law Office of Nicholas R. Westbrook is experienced and dedicated to helping people with this important option.  As a Texas loan forbearance attorney, Mr. Westbrook works hard for every client to aggressively negotiate the most advantageous forbearance possible.  If you are eligible, Mr. Westbrook will fully represent your interests at all stages of the forbearance process. For a free consultation regarding loan forbearance, as well as other debt relief solutions, please call (713) 893-6204.  You can also send an Email or complete our Free Case Evaluation.  We look forward to helping you.  Stop letting debt ruin your life.

FORBEARANCE OF YOUR MORTGAGE PAYMENTS

Homeowners sometimes have difficulty making their monthly mortgage payments due to an unexpected and short-lived financial crisis.  You may have fallen behind on a few mortgage payments due to job loss, illness, or injury.  These unfortunate situations happen all the time.  The good news is this: loan forbearance can protect you during this difficult time and help you save enough money to pay these overdue payments at a later time.

The Law Office of Nicholas R. Westbrook is skilled at negotiating with lenders regarding loan forbearance.  In the context of your mortgage, loan forbearance, or a "forbearance mortgage," is a special agreement between you and your mortgage company to delay future payments for a short period of time.  We can also combine other debt relief solutions, such as loan modifications, to fully protect you for a negotiated period of time.

One of the main reasons to consider a forbearance mortgage agreement is to delay imminent foreclosure proceedings. In some situations, the Law Office of Nicholas R. Westbrook can convince a mortgage company to delay its foreclosure rights, provided our clients can catch up on past due amounts and get current over several months.  The forbearance time periods and corresponding payment plans are different in every case.  As a mortgage forbearance attorney, Mr. Westbrook can assist you with this important negotiation process and diligently work to get you the most reasonable agreement possible for your situation.  He will explain your unfortunate hardship and try to get you the time needed to readjust your spending and recover financially.  In most of our cases, the lenders have agreed to temporarily cease legal action against our clients.  Depending on your situation, this may be the only debt relief solution you need to bounce back.

Forbearance of mortgage payments should only be requested if your financial situation is difficult but improving steadily. It is a temporary solution to a temporary problem.  If you have more serious problems, such as a variable or adjustable rate mortgage or unaffordable monthly payments, loan forbearance is probably not a good option.  In these more complex situations, loan modification or Bankruptcy may provide better relief and protection.  Our office would be happy to schedule a free consultation to discuss the best debt relief solution or solutions for your situation.

FORBEARANCE OF YOUR STUDENT LOANS

In this difficult economy, more and more former students are having trouble making their student loan payments each month.  The good news: most government lenders allow you to apply for loan forbearance in these situations. Under this debt relief solution, you will have to sign a forbearance agreement, which is similar to other types of loan forbearance agreements.

Similar to other types of loan forbearance, student loan forbearance typically delay your monthly payments for a certain period of time -- sometimes for up to 12 months. However, unlike mortgage forbearance agreements, you will be responsible for all interest as it accrues and any unpaid interest, which will all be added to your principal balance. In other words, you will pay more interest on a higher balance at the conclusion of the forbearance.  Nevertheless, student loan forbearance is always better than defaulting on these loans, as failure to pay student loans can seriously affect your credit score for years to come.

Student loan forbearance is a good option when facing a tough financial situation, as other debt relief solutions, including Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, do not erase this type of secured debt.  Nevertheless, if you have other significant debts, such as unpaid credit cards or medical bills, Bankruptcy can still be an effective debt relief solution.  The key is to discuss your financial situation with our office and make an educated decision your financial future.

LEARN MORE ABOUT LOAN FORBEARANCE TODAY

Defaulting on your mortgage or student loan payments can result in serious problems, including foreclosure and reduction in your credit score.  Making payments at a later time through loan forbearance is always better than simply defaulting and seeing what happens.  Our office would be happy to negotiate a specific forbearance agreement for your situation.  With our assistance, you can bounce back from your temporary dilemma and avoid the horrible consequences of defaulting on your loan or loans.  To speak with an experienced loan forbearance lawyer about your situation, please call our office at (713) 893-6204.  You may also contact us through Email or complete our Free Case Evaluation. The Law Office of Nicholas R. Westbrook is here to help. Stop letting debt ruin your life.