How to Request a Forbearance Letter

In times of financial difficulty, debtors can request forbearance from their lender to obtain temporary relief from their debt payments. If granted, forbearance can stop payments, giving the debtor time to get back on his feet financially. If you are at risk of being unable to meet your obligations, talk with your lender to see if it offers forbearance and what the requirements are to enter the program. Typically, lenders that agree to a forbearance request will expect you to continue making interest payments on your loan and expect you to resume your payments on a specific date.

Instructions

1

Contact your lender to ask if it offers forbearance. Speak to someone in the loan-servicing department about the criteria for forbearance.

2

Explain your financial situation. Typically, lenders will grant forbearance if your situation is temporary, such as caused by an illness or natural disaster. An example of a natural disaster is a flood that causes you to have to stay in a motel during repairs.

3

Ask for the name of the person who should receive your request and the address. Some lenders have different addresses for the department that approves loan modifications.

4

Write your request detailing the reasons for your temporary hardship. Tell the truth in the letter because lenders have the means to verify information. If you are not truthful, the lender can deny your request.

5

Tell the lender how much you can afford to pay and how long you estimate needing the forbearance. Forbearance is a short-term solution to a temporary problem. Your lender will want you to state when you think you will be able to resume normal payments and how you plan to pay the arrears.

6

Sign your letter and include accurate contact information. If the phone number and address that the lender has is incorrect, notify the lender that you have changed your address or phone number.