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Originally Posted by Rumor  What exactly is forebearance? Is it tacking the past due amount to the loan and raising your payment? Sorry, It sounds dumb after being on this site for so long but I'm still unsure of what it is exactly. |
Depends on the situation. Sometimes the banks will stop payments for 6, 8, 12 months, sometimes they cut the payment in half for a certain amount of months. After that time is up, they will add the back into the current payment. That's why lots are against forbearances, but in our situation, it is the only thing we can get as my husband is collecting unemployment, but once he finds work, NACA is going to submit our file for a MOD.
Hope that helps.