In a foreclosure, a temporary indulgence is a grace period, usually 30 to 60 days, which may be granted to bring the mortgage current. If Temporary Indulgence is requested, a homeowner will need to demonstrate evidence that warrants the grace period. An indulgence is considered to be appropriate in the following situations:
- A contract for sale has been ratified and a closing date can be verified.
- An insurance settlement
- Pending receipt of approved funding (refinance)
|
|
