{"id":369142,"date":"2017-03-07T17:25:58","date_gmt":"2017-03-07T22:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/foreclosure\/special-forbearance.html"},"modified":"2023-08-10T10:27:44","modified_gmt":"2023-08-10T15:27:44","slug":"special-forbearance","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/foreclosure\/special-forbearance.html","title":{"rendered":"Special Forbearance"},"content":{"rendered":"\n
\n \n
\n

Special Forbearance<\/h1>\n
\n
\n By Olivia Wathne, J.D.<\/a> | Legally reviewed by Aisha Success, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
\n

This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
\n

The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Unexpected financial hardships such as unemployment or natural disasters can be devastating. What’s worse is the fear of losing your home because you can’t make your mortgage payments. Luckily, your lender may grant you a special forbearance. This gives you a temporary break from your loan payments while you get back on your feet. Although mortgage forbearance may only last for a short time, it can help prevent foreclosure.<\/p>\r\n

What Makes This Type of Forbearance So Special?<\/h2>\r\n

Loan forbearance is a type of loss mitigation<\/a>. It is the process by which a mortgage lender agrees to reduce or suspend a borrower’s monthly mortgage payments. While the lender has the legal right to start the foreclosure process, it \u201cforebears" this right. Instead, the lender works with the borrower to bring the mortgage loan balance current.<\/p>\r\n

A special forbearance<\/a> presents a greater variety of relief to borrowers. It also offers more time to catch up on missed payments. Borrowers have the option to delay repayment of the back amount owed on the home loan. Typically, a special forbearance plan is available to those who have missed no more than 12 months’ worth of mortgage payments.<\/p>\r\n

It is important to note the difference between loan forbearance and loan modification. Loan modification aims to maintain or reduce your monthly mortgage payment. This includes changing the actual terms of your mortgage loan, including the interest rate and principal amount. Other forms of mortgage relief or modification include refinancing, loan deferral, and partial claims. With a deferral or partial claim, the homeowner can pay off any missed payments when refinancing or selling the home.<\/p>\r\n

Do I Qualify for a Special Forbearance?<\/h2>\r\n

The circumstances in which a lender will consider a special forbearance vary. A lender will grant a forbearance due to these sorts of events:<\/p>\r\n