Forbearance means you are allowed to delay or reduce payments for a short period of time with the understanding that another option will be used at the end of that time to bring your account to a current status. Your lender, if in agreement, will then temporally cease legal actions.
Lenders may agree to combine your Forbearance with a Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specified date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.
Lenders may agree to combine your Forbearance with a Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specified date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.
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