Homeowners In Forbearance!!!! KBishop Funding has options for a forbearance exit strategy. Please see list of qualifications.
Homeowners With Reinstatement Option: You must reinstate your mortgage by paying the full forbearance amount all at once at the end of the forbearance period. Documentation must be provided to show the lump sum has been paid and source of funds used to pay it off.
Homeowners in Repayment Plan: This means a portion of the forbearance amount will be paid each month in addition to the regular monthly payment amount. You must provide a copy of the evidence of either three consecutive payments under the repayment amount in one lump sum, the source of funds must be documented.
Homeowners in Payment Deferral: Deferral means the forbearance amount is added to the end of the loan. The payment deferral agreement must be provided as well as confirmation of three consecutive payments following the effective date of the payment deferral agreement.
Homeowners in Loan Modifications: This occurs when the terms and the loan will bepermanently changed in order to make the monthly payments more affordable. The loan modification agreement must be provided as well as documentation to show that you have completed the three month trial payment history