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Forbearance is an agreement between a servicer, such as Mr. Cooper, and a borrower to temporarily pause or reduce mortgage payments for a set period of time. It is not a waived payment or payment forgiveness, and all payments will need to be repaid at the end of the forbearance period (if that sounds out-of-the-question, don’t panic; there are several ways to do this, and Mr. Cooper is here to help you find a solution that works for you).
During the forbearance plan period, late fees will not be assessed.
Eligibility and terms for forbearance plans vary based on guidelines set by the owner of the loan.
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