Forbearance or Loan Modification
A forbearance is the temporary suspension of the mortgage payments. You will have the option of determining how you want to handle any unpaid accrued interest (increase payments to recoup it over a period of time or reamoritze the loan).
A loan modification can be any other changes to the loan terms. This can include going from an adjustable rate to a fixed rate, changing the rate temporarily or permanently, changing the amortization period, or any other adjustment you’d like to make.
When using the checkboxes below, indicate all of the things that will be changing with the loan. For example, if you are going to suspend payments for 6 months and then reamortize the loan to extend the terms for 6 months, you would choose ‘change the next payment date’ and ‘reamortize the loan’ and all of the fields for the applicable data we need to collect will appear.