Forbearance Agreement
This agreement between the borrower and lender allows the homeowner to make up missed mortgage payments. The lender provides temporary payment reduction or suspension depending on the borrower’s financial situation. Borrowers must be able to prove they can meet the new payment plan requirements.
If you are late on your mortgage payments because of a temporary situation, a forbearance agreement may provide relief. However, if your financial problems are more long-term, a forbearance agreement may be only a band-aid solution for a bigger problem.
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