Forbearance is a provisional delay in property transactions. Forbearance agreement templates are used in drafting contracts that include a lender and a borrower where the lender decides not to practice his legal obligation to foreclose a mortgage and the borrower accepts a mortgage scheme that will carry his or her present payments over a certain span of time.
6 Steps to Write a Forbearance Agreement
Step 1: Mention the Parties
The first step to drafting a forbearance agreement is to identify the parties taking part in the agreement. One party is supposed to be the lender while the other party is supposed to be the borrower. Even though this type of contract usually does not involve any third party, some special cases may be there. In such a case the details of the third party or parties should be mentioned.
Step 2: Define the Cause
Why are you making the forbearance agreement? This step should define and explain the answer to this question. Both parties need to be conscious of the information being considered in the agreement.
Step 3: Description of Defaults
An arrangement for forbearance should include a depiction of the existing particular defaults. A borrower generally likes to make this list as long and detailed as possible while a lender typically agrees to forbear only for particular delinquencies.
Step 4: Acknowledgment of Debt
A lender will usually seek to include in a forbearance contract the borrower’s acknowledgment of the outstanding principal amount, unpaid profit, and costs incurred under the credit papers. Such a section if there in the agreement, should be mentioned separately.
Step 5: Determine the Term
All contracts have a termination date. When do you want yours to be? Both parties or any third party, if involved, need to be clear and agree on this term. Once the temporary forbearance is over, the borrower will be able to resume monthly mortgage repayments.
Step 6: Sign and Date
The final step of drafting this agreement is to provide spaces for putting the signature and date of both parties. Without this step, there is no way to prove that both parties acknowledge and comply with the agreement. This also prevents the forgery of the document.
15+ Forbearance Agreement Templates
1. Forbearance Agreement Template
A forbearance agreement is generally used in terms of the mortage process. It is a special arrangement between the lender and the borrower to postpone a repossession. If you are thinking of making such an agreement, then you can make use of this Forbearance agreement sample template. The file can be downloaded in Google Docs, Word and Pages format.
2. Forbearance Agreement With Release Provision Template
Sometimes a forbearance agreement can include a separate section that involves the discharge of claims against the lender by the borrower. Need to make a forbearance agreement with a provision for release? You are in the correct place. This forbearance agreement template in Pages is specifically designed to help you make such an agreement.
3. Forbearance Agreement Format
To make a forbearance agreement you need to follow a certain specified format. Failing to use this format will result in the discrediting of the whole agreement. Worried that you are not aware of this format? Don’t fret because this forbearance agreement sample is here to help. To use this file, you just need to download it in PDF format.
4. Simple Forbearance Agreement Template
This forbearance agreement file provides you with a ready-made document featuring a sample forbearance agreement. It includes all the necessary clauses that should be included in a forbearance agreement. To get access to this file, all you have to do is click on the download icon and voila! You have a free agreement at your fingertips.
5. Basic Forbearance Agreement Example
A forbearance agreement is sure a serious document that needs to be very professional. But that does not mean it has to be overly complex and unnecessarily detailed. You should instead make sure that the agreement is has very basic and simple tone thatis easily understood. And you make that with the help of this forbearance agreement example.
6. Standard Forbearance Agreement Template
With this Standard Forbearance agreement template example, you can get in the palm of your hands a ready-made forbearance agreement. The file features original suggestive headings and content such as outstanding balance, current defaults, request to forbear, and other similar ones. Download this template in PDF form now to avail of it.
7. Forbearance Agreement Example
Did you know that a proper forbearance agreement includes a depiction of the existing particular defaults? You didn’t? Well, not to worry. This forbearance agreement file provides you with a working example of what a typical forbearance agreement should involve. You can download this printable agreement in PDF format. If you want you can also edit the provided content.
8. Standard Forbearance Agreement Example
A forbearance arrangement is not an integral solution to the issues of a borrower, but rather a significant, essential component of a detailed plan that covers the borrower’s marginal requirements while preserving the lender’s rights. Create the appropriate forbearance agreement suited to your needs with the help of this forbearance agreement file.
9. Professional Forbearance Agreement Template
A forbearance agreement is a very important document both for the lender as well as the borrower. Such an agreement needs to be strictly professional to be legit. Make the perfect professional forbearance agreement by downloading and using this agreement template which is fully editable and printable.
10. Formal Forbearance Agreement Example
Lenders may choose to foreclose if mortgage borrowers are unable to fulfill their conditions of repayment. The lender and the borrower can create an arrangement called “forbearance” in order to prevent this foreclosure. And there is no better tool to use than this forbearance agreement file in the making of this agreement. Download this PDF file now!
11. Forbearance Agreement in PDF
If you think that you will not be able to pay the principal amount before the date of the foreclosure, you need to make a forbearance arrangement with the lender. Do that with the help of this Forbearance agreement form in PDF. Download this template and make the forbearance agreement to ensure that you get extra time to pay off the mortgage.
12. Sample Forbearance Agreement Template
Need to extend or postpone the date of the final mortgage payment? Then you need to draft an agreement for the same. Create a proper forbearance agreement for your and your borrower’s needs by downloading this forbearance agreement template. The file provides a sample of the same that you can use as a guide.
13. Basic Forbearance Agreement Format
A forbearance agreement is a type of protection from repayment given by the lender or creditor rather than entering an estate into foreclosure. If you need help making such an agreement then consider this to be your lucky day. We are offering this forbearance agreement file designed exactly for this purpose. You can even use the file to make a business agreement.
14. Formal Forbearance Agreement Template
This Formal Forbearance Agreement Template is specially designed to help you make a forbearance agreement that is suited to your needs. By downloading this document, you can get access to a file that contains a senior forbearance agreement along with the necessary clauses. The content can also be edited to form a simple business agreement.
15. Printable Forbearance Agreement Example
The time to pay off your mortgage is almost up. However, you do not possess enough financial means required for the payment. So what do you do? You can enter into a forbearance agreement with the lender by making a contract to for the same with the help of this forbearance agreement file. You can easily download this file in PDF on any operating system.
16. Forbearance Agreement Sample
This forbearance agreement form sample file is to be used when you as the borrower want to get into an arrangement with the lender to extend the foreclosure date. By downloading this file and using it to make a forbearance agreement, you can not only ensure more time granted to yourself for the payments but also preserve the rights of the lender.