This option lets you deal with short-term financial problems by giving you time to get back on your feet and bring your mortgage current.
Forbearance of Payments This is when are giving a short break from making mortgage payments. With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time
It allows you to keep your home
A minimal credit score drop
The relief is only temporary
You may have to give up some rights on your loan
If you know your financial problems will be short term this may be a good choice for you. The banks may negotiate a one time payment for the payments that were missed, or they can increase your payment by a small amount each month, or it can be added to the end of the loan extending the term.