Loan Forbearance

You may be eligible for a Loan Forbearance, which will give you time to gather your assets. In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the end of that time to bring your account to a performing status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. You can negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

WORDS TO LIVE BY

Remember what the Scriptures say:

“Many are the afflictions of the righteous, but the Lord delivers them out of them all.”
Psalm 34:19

And the words of Peter:

"Beloved, do not think it strange concerning the fiery trial which is trying you, as though something strange were happening to you..." 1 Peter 4:12