If you're facing a short-term financial hardship and need temporary assistance with your mortgage, your lender may offer you a "forbearance." With this option, your lender temporarily reduces or suspends your mortgage payments for up to 6 months while you get back on your feet.
Consider talking to a housing counselor to help you restructure your bills and manage your debt.
Forbearance may make sense if you:
- Are facing a short-term financial hardship.
- Think you may fall behind on your mortgage payments, or have already missed one or two payments.