With this option, you and Intercap Lending agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.
Forbearance may be an option if you are:
Behind on your mortgage payments or on the verge of missing payments
Experiencing a temporary hardship
What are the benefits?
Lower or temporarily suspend your monthly payment—giving you time to improve your financial situation and get back on your feet
Forbearance reduces your monthly mortgage payment—or suspends it completely—during the forbearance period. If you qualify for forbearance, you and your mortgage company will discuss the forbearance terms:
length of forbearance period,
reduced payment amount (if the payment is not suspended), and
the terms of repayment.
After the forbearance period has ended, you will need to repay the amount that was reduced or suspended. However, you are not required to repay missed payments all at once, though you have that option. Other potential options allow you to add a specific amount to your payments each month until the entire amount is repaid; or set up a loan modification.