Forbearance is when your mortgage lender allows you to temporarily suspend or lower your mortgage payment. You will be required to repay the reduction or missed payments, but it is usually added to your loan balance. In order to refinance or purchase a new home, you will need to make three healthy, normal mortgage payments in order to qualify for another mortgage or refinance.
Unsure of whether forbearance has affected your ability to refinance or purchase a new home? Call us at 717-560-0546!