Using Forbearance Programs During Temporary Hardship

What is Forbearance?

Forbearance is an agreement between you and your mortgage lender that allows you to temporarily stop or reduce your mortgage payments during a period of hardship.

It does not erase what you owe. Instead, it delays the payments. Once the forbearance period ends, you'll still have to repay the paused amount-usually through a repayment plan, an extension, or a lump sum (depending on your lender's terms).

When Can It Help?

Forbearance is designed for short-term hardship-something that shakes your income but not your long-term ability to recover.

It may be worth considering if:

• You've had a recent income loss or disruption

• You're facing unexpected medical bills or caregiving responsibilities

• You're going through a divorce or separation affecting your finances

• You're dealing with a temporary disability or health crisis

• You need a few months to regroup without falling into mortgage delinquency

In these cases, forbearance may prevent a bigger crisis before it starts, giving you time to plan your next move without added penalties.

What Are the Advantages?

1. It Buys You Time Without Immediate Penalties Forbearance allows you to pause payments without triggering foreclosure, damaging your credit immediately, or falling into default-so long as it's approved and followed correctly.

2. It Can Stabilize Your Household Emotionally Knowing you won't lose your home next month helps reduce family stress and emotional burnout. That relief alone can make a critical difference when everything else feels unstable.

3. It Can Be the Bridge Between Hardship and Recovery Forbearance offers space. Space to apply for new jobs. To complete treatment. To manage a family situation. It's a temporary solution for temporary problems.

What Are the Disadvantages?

1. It's Not Forgiveness-You Still Owe the Paused Amount You'll eventually have to repay what you paused. That may mean larger monthly payments later, a balloon payment, or a loan modification. If you're already financially stretched, repayment terms can be a new source of stress.

2. It May Not Automatically Protect Your Credit Long-Term If forbearance is not clearly documented or reported properly by the lender, it can affect your credit. It's important to monitor statements and credit reports carefully during and after the pause.

3. It's Temporary-and If Your Situation Doesn't Improve, It Can Delay More Effective Decisions Forbearance can become a crutch if used too late or too often. If your income won't recover, other solutions-like downsizing or selling-may offer more lasting stability. Forbearance delays, but doesn't fix, long-term affordability problems.

What You Should Evaluate Before Requesting Forbearance

• Can you reasonably expect to recover your income or financial footing within 3-12 months?

• Are you ready to discuss repayment terms in advance, and do you understand the long-term impact?

• Will pausing the mortgage allow you to protect your home and reduce stress, or will it simply delay the inevitable?

As always, it's best to write things down. Make a budget. Forecast your income over the next few months. Know what you can realistically commit to when the forbearance ends.

A Tool, Not a Trap

Forbearance isn't for everyone. But for some, it can be a lifeline-a well-timed tool that preserves peace, dignity, and the roof overhead while life finds its way back to normal.

If you're in a situation that feels unstable, the best first step is to educate yourself. Everything we offer is here on this website-no calls, no emails, no pressure. Just information, available anytime you're ready.

📘 Visit our [Resource Center] to explore other real estate decisions and tools available during hardship.

🛠️ If you're considering forbearance, we encourage you to review available professional services in your area-whether that's financial counselors, housing specialists, or legal advisors. We've listed options in dedicated resources reserved for households navigating real hardship.

KING COUNTY REAL ESTATE HELP Helping you pause with purpose-so your next step is a strong one.