What is mortgage forbearance, and is it the right path for you?
Forbearance is a term used when a homeowner renegotiates the timeline or terms for their mortgage payment with their lender. This is different from a foreclosure, which is the intentional process of someone no longer being able to afford their mortgage payment. Forbearance, on the other hand, is simply telling your service provider that you will be able to make your mortgage but at a later date than normal; when cash flows are tight, it’s a way to buy time. In April, 7% of mortgages were in forbearance nationally.