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Forbearance doesn't mean your payments are forgiven or erased. You are still required to repay any missed or reduced payments in the future, which in most cases may be repaid over time. At the end of the forbearance, your servicer will contact you about how the missed payments will be repaid.

In a forbearance agreement, the loan owner ("lender") agrees to reduce or suspend your payments for a set amount of time. With a repayment plan, the lender temporarily increases your monthly payment by adding part of the overdue amount to your current payments so that you can get caught up on the loan.

The short answer is that after your forbearance period ends, you'll have to make arrangements with your servicer to repay any amount suspended or paused. To be clear, forbearance doesn't mean the debt goes away. You still have to repay it.

Forbearance is temporary postponement of mortgage payments granted by the lender or creditor in lieu of forcing a property into foreclosure. The terms of a forbearance agreement are negotiated between the borrower and the lender.

Forbearance lets you skip some or all of your monthly mortgage payments for as much as a year. But forbearance should be a last resort, something to avoid if at all possible. While it can be a lifeline in the short-term, forbearance will undoubtedly lead to credit issues for many down the road.

A mortgage forbearance agreement is made when a borrower has a difficult time meeting their payments. With the agreement, the lender agrees to reduce or even suspend entirely mortgage payments for a certain period of time. They also agree not to initiate a foreclosure during the forbearance period.

A mortgage forbearance might not affect your credit as negatively as you'd expect. A lender isn't obligated to report it to the credit bureaus, and if they do, it might not hurt your credit if they don't report your payments as late.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232