Forebearance Agreement - letter format

This Forbearance Agreement in Letter Format prevents a creditor from receiving immediate payment on indebtedness. This agreement sets out the name of the creditor and debtor, amount of debt and interest and steps the debtor is taking to repay. It also sets out a new repayment schedule, the balance due after all payments are made and if a subordination agreement should be entered into. A written Forbearance Agreement - Letter Format will prove valuable in the event of disagreements or misunderstandings if debtor defaults on any payments under the agreement.

This Forbearance Agreement - Letter Format contains the following:

• Creditor and Debtor Information: Names of the creditor and debtor and amount of indebtedness (including any interest);
• Repayment: Steps which are being taken by debtor to facilitate repayment of the debt;
• Deferred Repayment: Amount of deferred repayment including total amount of monthly payments and first payment date;
• Subordination: Sets forth if a subordination agreement should be signed;
• Signatures: This letter must be signed by both the creditor and debtor.

This attorney-prepared packet contains:

1. General Instructions
2. Forbearance Agreement - Letter Format

State Law Compliance: This form complies with the laws of all states

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• Number of Pages:

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