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 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 course is critical for creditors wishing to avoid loss of priority, Statute of Limitations issues and litigation, should the borrowers default after executing the forbearance agreement.

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, Late 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

About The Presenter

Peter T. Roach, Esq.

• President of Peter T. Roach and Associates, 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, National Business Institute, 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; vice president of Harmony Heights School, 2000 to present
  
• Has taught Real Estate Finance at St. John’s University School of Law, as an adjunct professor of law, for more than 30 years
  
• J.D. degree, St. John’s University – School of Law; B.A. degree, State University of New York at Binghamton