Forbearance and loan modifications are loan mortgage workout options that may be available to you to prevent foreclosure. In a forbearance agreement, your mortgage lender may agree to reduce or stop your mortgage payments for a set amount of time. In a loan modification, the lender usually will lower your monthly payments and bring the loan up to date by adding any past-due amounts to the balance of your debt. If you are facing foreclosure the most important step to take is to act now.