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A forbearance agreement allows a borrower to temporarily reduce or suspend mortgage payments for a specific time, providing short-term relief, while the lender agrees not to initiate foreclosure during this period. In contrast, a repayment plan involves the lender temporarily increasing monthly payments to include overdue amounts, helping the borrower catch up on the loan. A loan modification, on the other hand, permanently adjusts the terms of the loan by lowering the monthly payment and updating the loan status, typically by adding overdue amounts to the loan balance. Thus, a modification is a long-term solution for unaffordable payments, while forbearance is a temporary measure.
