What is a Forbearance Agreement?

Temporary Hardship typically results in a forbearance or repayment plan. Here's what you need to know about both programs and how they help you get through a temporary hardship.

How does a forbearance work?
A forbearance plan reduces or suspends the amount of your regular home loan mortgage payment if a life event is expected to decrease your cash-on-hand soon. More often, it is used in times of temporary hardship, like unemployment.

How does this benefit you?
For a specific period, a forbearance plan can provide short-term home loan payment relief until you're in a better financial situation.

Important Considerations:

• You must contact us on a monthly basis to provide regular updates on your financial status.
• At the end of the forbearance period, the payment amounts that were suspended or reduced during the forbearance period accrue and are expected to be paid current. At that time, we'll work with you and review your financial situation to see if you're able to repay the forbearance amount, or if a long-term option like a loan modification is available to you.