| Upon incurring short term financial hardship | | | | foreclosure costs and late fees accrued prior to |
| wherein mortgage fees are delinquent for 90 to | | | | the implementation of the agreement. The |
| 365 days, the loss mitigation specialist may | | | | installment of a Type 1 Special Forbearance must |
| consider submitting an appeal for special | | | | be based on the borrowers capability to pay with |
| forbearance, which provides more relief than a | | | | a minimum period of 4 months with no maximum |
| regular payment plan. Law groups specializing in | | | | length to pay the overdue fees when required |
| assisting borrowers in financial difficulties and credit | | | | payments are increased. This also allows the |
| predicaments such as the Lucas Law center | | | | mortgagor to pre-pay the arrears at any time. |
| provide assistance invaluable to mortgagors | | | | Whereas a Type II Special Forbearance combines |
| looking to defer property foreclosure in the | | | | that of a short-term Special Forbearance with a |
| meantime. | | | | Loan Modification or Partial Claim as a single loss |
| A Special Forbearance is a situation wherein the | | | | mitigating option. A Type II Special Forbearance |
| lender proposes a revised repayment plan for the | | | | plan may also be brought into play in an |
| homeowner that may include reinstating an asset | | | | unemployment situation whereby the promise of |
| and a temporary downsizing or postponement of | | | | future employment is existent. Assistance with |
| monthly mortgage payments in order to prevent | | | | this special agreement is offer by various credit |
| foreclosure. It is a written agreement of | | | | assisting law offices. |
| repayment between a lender and a borrower, | | | | The goals of law offices providing credit |
| containing a plan to restore an asset with a | | | | assistance often meet the goals of their lenders |
| minimum of three due and unpaid mortgage | | | | as well. Providing an outstanding job of getting in |
| payments.Credit assistance experts such as the | | | | touch with the right people at the lenders' offices, |
| Lucas Law group guides borrowers through both | | | | direct consultations with the people at the lenders' |
| two types of Special Forbearance available, each | | | | offices who make decisions are performed by |
| with its distinct qualities. | | | | expert credit assisting law groups such as the law |
| Special Forbearance Type 1 may allow reasonable | | | | offices of Paul J. Lucas. |