Forbearance

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Wikipedia says that forbearance is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning is “holding back.”

It is just a small hiccup in your personal financial situation.

If you were laid off from your job BUT found another job that paid equal to or more than your old job within several months, you could use this plan. It is a written repayment schedule that typically requires ALL past due amounts to be repaid within a specified time.

Some plans allow you to reduce payments for a short period, with the understanding that at the end of that period of time, which is usually 12 months, you will bring your account to a current status. If your lender is in agreement, it will temporarily cease legal actions against you.

The question is: can you afford the extra payments?


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