A forbearance is when you catch up all your back payments and continue paying your original mortgage payment. This is a good option for many. However, it doesn’t reduce your payment as much as a loan modification does.
Most lenders are glad to negotiate. The one advantage is that the process is much shorter. You avoid the lengthy and troublesome loan modification process. A forbearance can normally be approved in two weeks to a month. Contrast this with the one to six-month process associated with loan modifications.