Forbearance

A borrower who cannot pay for a while may ask the servicer for forbearance. If granted, payments may be smaller or skipped for a stated period. Those amounts usually still have to be repaid later, through a plan the servicer offers. This page does not name current programs or a required length.

CFPB defines forbearance as a temporary lower payment or a temporary stop, and names it as a type of loss mitigation. Fannie Mae’s consumer glossary includes the same heading.

Forbearance, deferment, modification, and a repayment plan are different tools. Treating them as one word hides what happens to the skipped money.

Forbearance is not forgiveness and not a loan modification by itself.