Here’s what you need to know about forbearance.

In short, forbearance is an agreement between you and your mortgage provider that states that your mortgage payments will be reduced or delayed for a certain period. For example, if you had a two-month forbearance and your monthly payment was $1,200, they might take $300 of your payment and put it on future payments until the back payment is made up.

When asking for forbearance, reach out to your current mortgage company or your loan service provider. They have the information ready to go, and almost every government-backed loan—including Fannie Mae, Freddie Mac, VA, FHA, and USDA—has information on forbearance. You could be eligible for up to 12 months of payment relief if it’s needed.

“You will need to explain your hardship and provide paperwork showing that you’ve lost income, but overall, it’s a simple process.”

Will forbearance affect your credit score? The C.A.R.E.S. Act states that it won’t affect you, but I recommend that you start checking your credit as soon as you get your forbearance agreement. Right now, through Equifax, Experian, and TransUnion, you can get a free annual credit report. You can also visit to sign up for a weekly credit report.

The bottom line, however, is that forbearance is not forgiveness. You’ll have to pay it back somehow eventually. That could come in the form of higher monthly payments until the back pay is covered, or it could be added to the back end of your loan, extending your loan period. Each mortgage company handles it differently.

Click here to read about forbearance in more detail. Otherwise, if you have any questions, don’t hesitate to reach out. I’d be happy to help you.