If you’re facing a short-term financial hardship and need temporary assistance with your mortgage, your lender may offer you a “forbearance.” With this option, your lender temporarily reduces or suspends your mortgage payments for up to 6 months while you get back on your feet.
Forbearance may make sense if you:
- Are you facing a short-term financial hardship?
- Think you may fall behind on your mortgage payments, or have already missed one or two payments.
Forbearance is often combined with a reinstatement or a repayment plan to pay off the missed or reduced mortgage payments when your financial situation has stabilized.
Sternberg Law Group has helped hundreds of homeowners get back on track with this option.