Forbearance

If you are not eligible for deferment, but are experiencing some financial difficulty, you may apply for a forbearance. A forbearance is a lender option. Forbearance is the temporary cessation of payments or acceptance of smaller payments than were previously scheduled. The lender may grant forbearance for principal, interest, or both. Forbearance requires a written agreement between the borrower and lender. Unlike periods of deferment, the borrower is responsible for repayment of interest which accrues during forbearance.