Getting a forbearance is a form of a repayment plan that a borrower can negotiate with the lender to allow them to pay back the loan over periods of time. The way the lender sets this up is to pay back parts of the arrears in addition to the current monthly payment.
The only benefit to this option is that it does allow the homeowner to make payments over time, however is it even possible? This is again a dilemma as many who would have the extra money simply would have already started paying the loan according to the original terms and agreements. Trying to play catch up on a large payment like this is not easy by any means. I guess what I am saying is this; if the homeowner is struggling to make the current payments, then how would they be able to pay anything additional? This seems like a catch 22 for the homeowner. Some lenders may require a new qualification process to get them into a forbearance. This is no easy task and be very frustrating for the homeowner.
For more information on your forbearance options, you can check with your current lender to see what they can offer you. Every lender will have different options.
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