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Understanding Forbearance

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.

 

Tip

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.

Forbearance is often combined with a reinstatement or a repayment plan to pay off the missed or reduced mortgage payments when your financial situation has stabilized.

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