Forbearance

A borrower who is willing but unable to make payments, and who does not qualify for a deferment, may request a forbearance from the lender. Forbearance allows temporary cessation of payments or lower payments for a specific length of time. The lender may grant forbearance of principal, interest or both. The borrower is always responsible for repayment of accrued interest charges. The borrower can make interest-only payments or the interest will be capitalized (added on to the principal).