Page 35 - January 2021: Hustle Mama Magazine

A forbearance can last for one month, several months, or even as much as one year. It depends on your situation and what your mortgage holder will allow. Keep in mind, you will have to make up the missing payments, at some point, after the forbearance.
There are two most common repayment options for a forbearance, and they are increased payments or extending the mortgage term. Should the mortgage holder choose an increased monthly payment they will determine the amount and will then add that amount to your regular monthly payment. The increased payments will continue until all the missing payments have been paid. The second option is to add the missed payments to the term of your mortgage. Again, this is something you should discuss with your mortgage holder before signing the agreement to ensure you know what's going to happen once the forbearance period has ended.
Like most things in life, there are pros and cons with a mortgage forbearance. First, let's look at the pros:
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