My name is Ron and I am a HUD Approved Housing Counselor. Forbearance is an option where the lender is willing to accept a period of time that you have been unable to pay and they say, okay we accept that you werenít able to pay for that period of time, but we are going to start up again shortly and you are going to have to start paying from that point forward and be consistent with your payments. And so if you are in a tough situation that you know it's going to be temporary, donít wait, you got to jump on it right away, you got to communicate with that lender, get some help, because the longer you wait, the few options are available to you. And at least with this option, it's something that once again that's temporary that you and lender have worked out and you are still on track to make your payments, it's just maybe at a lesser rate or later on down the road.
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