Forbearance is an agreement between the lender and the borrower to delay foreclosures, temporarily pause or skip payments, or pay less or no interest on a loan. There has been an effort on the part of creditors and through the CARES Act to offer forbearance to people affected by the pandemic. However, there are other reasons that you may want to ask for forbearance. Those include government shutdowns, natural disasters, or after emergencies. Loan deferral is similar to forbearance but in terms of a mortgage, interest does not accrue. It is generally harder to get deferral than forbearance. Forgiveness means […]
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