According to the Consumer Financial Protection Bureau, forbearance involves your mortgage servicer or lender permitting you to pause or reduce your mortgage payments for a limited time while you rebuild your finances. For most loans, no additional fees, penalties, or additional interest (beyond scheduled amounts) will be added to your account. Also, you are not required to submit additional documentation to qualify. You can simply inform your loan servicer that you have a financial hardship. Forbearance doesn’t forgive or erase your payments. You are still required to repay any missed payments, which, in most cases, may be repaid over time or when you refinance or sell your home. Before the end of the forbearance, your servicer will contact you about how to repay the missed payments.