This term is one of the biggest used today since the 2020 Cares Act has set in place the opportunity for some homeowners (it depends on the type of mortgage that you have) who have had a financial hardship, to stop making mortgage payments until they get back on their feet financially and can resume regular monthly mortgage payments. This is called a forbearance agreement. The problem with a forbearance agreement is that when the agreement expires, ALL the missed mortgage payments become payable simultaneously. For example, if you have a 6-month forbearance, on the 7th month you will owe all 7 monthly payments (the current payment plus the 6 that you missed) at the same time. If you don’t pay it all, they can foreclose.