Forbearance Plan

The lender allows a period of time, generally 3-6 months, during which you make either lower monthly payments, interest only payments or no payments.

This option is mostly used when there is a loss of employment, illness or other unexpected hardship which is temporary in nature. You must be able to demonstrate to the lender or servicer that the temporary circumstance has ended or is about to end. Unless the lender or servicer extends the loan terms, your monthly payments will usually increase until the missed payments have been caught up.


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