Forbearance

If you have been having difficulty making your mortgage payments on time, you may want to contact your lender and ask if they will make payment arrangements with you. Sometimes lenders will be more willing to negotiate a repayment plan with you than risk the expense associated with the foreclosure process.

One of your possible options when you are struggling to make your mortgage payments each month is to call your mortgage lender and request some payment options or repayment plans. Many lenders have a few different options available. One of those payment options is a forbearance. A forbearance is when your lender allows you to stop making payments for a short period of time on your loan. Usually the interest will still accrue or you will still be required to make the interest portion of the payment. A deferment is very similar to a forbearance. Many times the missed or skipped payments will be added to the end of the loan.