Sign Forbearance Agreement

How to eSign a document: Sign Forbearance Agreement

my name is Ron Drescher I'm an attorney practicing bankruptcy and commercial litigation in Maryland Virginia Delaware and Pennsylvania and today I want to answer the question what is a forbearance agreement forbearance agreements generally come up when you have a loan with a bank and you've defaulted on the loan and you ask the bank to stop the foreclosure sale or in a business case to stop seizing your assets or to stop its process of getting a judgment against you and trying to liquidate it's collateral so you're going to try to make things work by making payments to the bank perhaps adding collateral to help secure the bank's position and in exchange for doing these kind of things the bank will agree to not move forward with its foreclosure sale or with its repossession of your car or with obtaining a judgment against you they're gonna forbear from doing these things banks usually have some additional terms that they're going to require as part of that forbearance they're usually going to ask for a release of the bank so if you have claims against the bank you're gonna certainly let those go they're going to make you sign a waiver of a jury trial meaning that if you want to ever sue the bank in connection with that agreement you're only going to be able to do it in front of a judge the bank is going to make you commit to establish a certain amount that's due on those loans so that you're not going to be able to come back and say no I didn't really owe you that amount I owed you less they're going to take a snapshot and they're going to pin down the amount that's due and owing banks are usually going to say well you don't have any defenses you don't have any other claims against us so that's something else you're going to waive so years later if you're especially if you're involved in a commercial situation if you want to say well the bank interfered with my ability to develop a piece of property or to move forward in a certain way in my business you're going to lose those claims if you file a forbearance agreement forbearance agreements are very valuable 99% of the time for businesses and for individuals because they give you a chance to get back on your feet without filing for bankruptcy my name is Ron Drescher I'm an attorney practicing in bankruptcy and commercial litigation and if you're in default with your bank and you're concerned about their ability to enforce their rights against you please pick up the phone and call me I would love to hear from you