4th topic in Options:  Are You At Risk of Foreclosure? Series

A Special Forbearance (SFB) is a written repayment agreement between a mortgagee and mortgagor, which contains a plan to reinstate an asset that is minimum three mortgage payments due and unpaid.  You may qualify for this if you have recently experienced a reduction in income, become unemployed or there is an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.

There are two types of SFB: Special Forbearance Type 1 and Type II.  Type II combines a short-term Special Forbearance with a Loan Modification or Partial Claim as a single loss mitigation.  With both types, failure options are listed with the written agreement.

Special Forbearance Option:  leads to restatement of loan; no maximum duration; maximum arrearage due may not exceed 12 months arrearage Principle, Interest, Taxes and Insurance; must be in writing and state previously missed mortgage payments; and provide failure options.

  FAQs About Special Forbearance

 
*Excerpts from HUD.gov  

ILC and Survey - What is the difference?

Be an Informed Buyer and Seller

Improvement Location Certificate (ILC):

It is a surveyor's opinion that the the buildings and major improvements appear to be located on the property described in the deed. Many lending institutions require this inspection to check for obvious problems with the parcel such as encroachments, zoning violations and the need for flood insurance, but it does not determine whether the boundaries described in the deed are correct. The measurements shown on an ILC are to the approximate record position of the property line. This line is subject to change if a full survey is performed. If it is concluded that encroachments may exist but cannot be ascertained by the preparation of an ILC, a note suggesting the preparation of a monumented land survey or land survey plat, to determine property line location, may be included. The ILC provides a way of meeting the needs of the mortgage company and title company without the expense of a monumented land survey.

Boundry Survey: 

More extensive surveying may be required to clarify or resolve potential problems uncovered while obtaining measurements for an ILC. A full survey, such as a BoundrySurvey, is based upon more stringent procedures performed to locate the boundaries and will often locate or replace property corners. A full survey can be relied upon to locate future improvements.  A boundary survey establishes the true property corners and property lines of a parcel of land described in a deed. Boundary surveys are typically performed to obtain building permits, to resolve property disputes, and for erecting fences. Easement lines may also be located, if requested, with this type of survey.

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About ERA Herman Group Real Estate

Mayoral Run-Off

Election Day

City of Colorado Springs 

Date:  Tuesday, May 17, 2011

Deadline for ballot drop-off:  7:00PM, May 17, 2011

Ballot Items:

Vote for Mayor: 

     Bach or Skorman 

Questions? City Clerk's  Office/Elections Office: 

(719) 385-5901