| Forbearance |
A temporary agreement between you and your lender to postpone your loan payments for a set period of time during a temporary hardship. Acceptable hardships may vary from case to case and can include job loss, illness, divorce, etc. At the end of the postponement, you can choose to pay the overdue payments with a one-time payment, add the past due amount to the back-end of your mortgage, or increase the amount of your monthly mortgage payments until the past due amount is repaid. |
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