Forbearance Mortgage
People facing foreclosure who need more time to sell their home or more time to make up payments to prevent foreclosure can look to a forbearance agreement also referred to as a forbearance mortgage.
A forbearance mortgage is when the mortgage lender or bank reduces or suspends mortgage payments for a period of time; typically 6-12 months. After the period agreed upon ends, the borrower must start paying the monthly mortgage payment in addition to an additional amount that will eventually cover the payments that were not made during the forbearance period.
Again, as a borrower, you will be responsible for the money you did not pay during the forbearance mortgage period. Some consumers don't understand that so even though they reach an agreement with their mortgage lender to go a few months without making payments, they forget that they still owe the money that was not bad.