Forbearance is a short-term agreement with your servicer to pause or reduce mortgage payments while you recover from a specific hardship — job loss, illness, divorce, a natural disaster. It is not forgiveness; the missed amounts have to be repaid, usually through a lump sum, a repayment plan, or by tacking them onto the end of the loan. Done right, it buys you breathing room without wrecking your credit.
How it works
- 1
Document the hardship
Write a short hardship letter and gather supporting paperwork.
- 2
Request forbearance in writing
Ask your servicer for forbearance terms — duration, payment amount, and the post-forbearance repayment option.
- 3
Confirm the agreement in writing
Never rely on a verbal agreement. Get the terms in an email or letter.
- 4
Plan the exit
Decide before forbearance ends whether you will reinstate, repay over time, or convert to a modification.
Why homeowners choose this path
- Immediate relief without losing the home
- Better for credit than missed payments alone
- Buys time to negotiate a longer-term solution
- Common after qualifying federal-declared disasters