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Forbearance is the intentional action of abstaining from doing something. In the context of the law, it refers to the act of delaying from enforcing a right, obligation, or debt. For example, a creditor may forbear legal action against the debtor if they settle the debt payment with new payment conditions.

Forbearance is when your mortgage servicer, that's the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time. Forbearance does not erase what you owe. You'll have to repay any missed or reduced payments in the future.

Forbearance is when your mortgage servicer, that's the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time. Forbearance does not erase what you owe. You'll have to repay any missed or reduced payments in the future.

Key takeaways. Mortgage forbearance allows a borrower to temporarily stop making payments or make smaller payments amid financial hardship. Mortgage forbearance typically lasts three to six months. The borrower is still responsible for making full mortgage payments after the forbearance period ends.

These options are somewhat similar ? the main difference is that a loan forbearance is temporary, but a loan modification is permanent. In both cases it is critical that the borrower set up lines of communication with their lender.

Mortgage forbearance can help you avoid foreclosure, but it can also have negative consequences for your loan, home and credit score. It's important to weigh the pros and cons of mortgage forbearance to decide whether it's right for you.

Forbearance is when your mortgage servicer, that's the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time. Forbearance does not erase what you owe. You'll have to repay any missed or reduced payments in the future.