Forbearance
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Forbearance is a temporary pause or cut in your mortgage payments. Lenders grant it during a hardship.
What Forbearance means
The paused amount is repaid later, on terms you agree to. It is a tool to avoid falling behind.
Florida example
A Florida owner who loses income may ask for forbearance. It buys time to recover and stay in the home.
A pause on payments
Forbearance is a temporary pause or reduction of your mortgage payments during a hardship, like a job loss or medical event. It gives you breathing room without going into foreclosure.
The missed payments are not erased; you repay them later through a plan.
How repayment works
After forbearance, you may repay the skipped amount over time, add it to the loan balance, or handle it through a modification. The right path depends on your situation.
If you are struggling, act early. Reach out and we will help you explore forbearance and what comes after.