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Forbearance Agreement
A mortgage forbearance agreement is made when a bank or other mortgage lender agrees to temporarily either forego a borrower’s mortgage payments or reduce them. Lenders are open to making such agreements during times of economic crisis. When a mortgage forbearance agreement is in place, the lender will not initiate foreclosure proceedings against the mortgage borrower.
The agreement does not mean that the mortgage borrower doesn’t have to eventually make all the required payments per their original mortgage loan agreement. They will have to make up the deficit in payments at some point in the future. The forbearance agreement is only intended to provide temporary financial relief for the borrower.
The agreement details how the payment deficit will be made up by the borrower. The terms vary from one lender to another and may also vary based on the individual borrower’s financial situation.
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The options for making up the missed payments include paying a lump sum all at once by a designated future date, making additional payments with your regular monthly mortgage payment, or making additional payments that are added onto the end of your original mortgage agreement. The repayment structure can be negotiated with your mortgage lender.