Special loan forbearance:

A written agreement between you and your mortgage lender. This written plan will reinstate a mortgage loan that is 90 days or more late. A special forbearance is different from other types in the relief it offers; it might give the borrower more time to get caught up, for example. It might also allow the borrower to begin making regular monthly payments while delaying repayment of the back payments owed.

Qualifying for special loan forbearance:

Your total amount owed must not be more than 12 months’ worth of house payments. This total includes principal, interest, taxes, and insurance (PITI). You’ll also need to be ready to demonstrate that your income is high enough to repay the back amount owed and continue making regular payments again.
To get a special forbearance on FHA loans, you must show that your loss of income was due to unemployment. You will be given 12 months to become employed again and then you’ll be re-evaluated.

Informal Forbearance Plan:

An informal plan is a verbal agreement to get caught up within 3 months. This can be used when your financial hardship is very short-term and your income gets back to normal quickly.

Formal Forbearance Plan:

A written agreement to get your loan current in 3 to 6 months.

Qualifying for formal or informal forbearance:

You must be able to show that your income will allow you to get current in the allotted time period, either 3 months or less with an informal plan, or 3 to 6 months with a formal plan.

Whatever kind of forbearance you’re interested in, start by getting some free advice before you talk to your lender. Talk to a nonprofit housing consultant from a HUD-approved agency. They can help you can find out how likely you are to qualify for a forbearance based on your situation.