Definition
Forbearance is a temporary agreement to reduce or suspend mortgage payments during hardship (job loss, illness, etc.). Payments resume (often with a catch-up plan) after forbearance ends. It stops default and foreclosure but doesn't forgive debt—you still owe everything.
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Forbearance is a hardship program allowing borrowers facing temporary financial difficulties (job loss, illness, economic disruption) to pause or reduce payments without defaulting. Forbearance periods typically last 3-6 months, though they can be extended. At the end of forbearance, borrowers resume regular payments or implement a catch-up plan (spreading missed payments over additional months). Forbearance doesn't forgive debt; it defers it. Forbearance must be requested and approved; it's available through servicers and lenders but not automatic.
Pro Tip
Request forbearance as soon as hardship occurs; don't wait until you miss payments, as forbearance stops the default process.
Example
After job loss, you request 4-month forbearance; your servicer approves, allowing you to suspend payments while seeking employment. After 4 months, you resume normal payments with a 12-month plan to catch up.