Mortgage delinquency statistics show more loans on deferral

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted September 24, 2020 9:55 AM

Forbearance is a lender’s agreement to stand down from collection efforts against a defaulted mortgagor, allowing the homeowner to hold off on payments for a period of time. Before COVID-19, I would often try to obtain a forbearance for clients who had a temporary loss of income and who could make up that arrearage given a short period of time — usually within a few months. Most lenders ignored the request for a forbearance and immediately considered the homeowner for a modification.Often during the period when the …

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