Forbearance
Forbearance is a temporary agreement between a borrower and their mortgage servicer to reduce or pause monthly mortgage payments during a period of financial hardship.
Forbearance does not eliminate the debt — it defers it. Once the forbearance period ends, the borrower must repay the missed amounts through a repayment plan, loan modification, or lump-sum payment, depending on the servicer's options.
Forbearance is not forgiveness. The payments are delayed, not canceled. Additionally, entering forbearance can affect your ability to refinance or purchase a new home for a period of time afterward.
Why This Matters: If you are facing financial difficulty, forbearance can provide temporary relief — but understanding the terms before you agree is critical. Know what happens when the forbearance ends so you can plan accordingly.
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