Homeowners who encounter sudden, unexpected financial hardships that are expected to be temporary may qualify for a forbearance, or short-term reduction or suspension of their mortgage payments. If you have recently lost your job, for example, you may wish to explore the possibility of forbearance with your lender. Be expected to provide proof of your ability to make your reduced payments (if payments aren’t suspended altogether). Like bankruptcy, forbearance will buy you time, but it will not eliminate the threat of foreclosure. Your forbearance will not be indefinite, although you may be able to work out a permanent restructure of your payment plan.