Forbearance Extension Agreement

PandaTip: This section of the proposal makes it clear that the conclusion of this leniency agreement is a courtesy offered by the lender to the buyer and does not render invalid the initial terms of the existing loan agreement, not least because they relate to the right to recover the money owed. CONSIDERING that the borrower has previously concluded a loan agreement with the lender, with a basic amount of [Loan.Principle] and an annual interest rate of [Loan.APR]. At the end of the indulgence, the lender must contact the borrower and determine whether the borrower is able to resume regular contractual payments. In this case, the lender offers the borrower a written repayment plan to remedy an amount due or, at the request of the borrower, to extend the duration of the credit by a period at least equivalent to that of the indulgence. A mortgage agreement is not a long-term solution for defaulting borrowers. Rather, it is aimed at borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems. Borrowers who have more fundamental financial problems, such as for example. B the choice of a variable rate mortgage where the interest rate has been reduced to a level that makes monthly payments prohibitive, must generally find other remedies. PandaTip: The model extends late payment by calendar days, not business days. Make sure that the date proposed by the number of days shown below corresponds to the expiration date of the Forbearance agreement. . .

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