Fannie Mae: Forbearance Definition



What is a Forbearance?

With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

Forbearance may be an option if you are:

  • Behind on your mortgage payments or on the verge of missing payments

  • Experiencing a temporary hardship

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2020 Clients2Homeowners.com created Feb. 2020 

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