Forbearance - definition

Forbearance is an agreement between lender and borrower that the borrower makes a payment plan in agreement with the lender to bring the unpaid mortgage payments to the current within a certain period of time.

When a lender forecloses on a property it is expensive for them. They would rather work out some sort of arrangement than proceed with the foreclosure. Talk to your lender and see if they are willing to work out a plan that outlines a way to get current on your mortgage. This agreement will vary depending on the situation and the lender. Some things they may be able to help with are a temporary reduction or suspension of your payments. If you have a FHA VA or other government loans you may qualify for even more options.