What is mortgage forbearance?
- Listed: August 12, 2022 11:25 pm
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Description
What is mortgage forbearance?
Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.
Forbearance can help you deal with a hardship, such as, if your home was damaged in a flood, you had an illness or injury that increased your healthcare costs, or you lost your job. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments.
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Listing ID: 20662f6e15a5f34a
- Listed by: Editor
- Member Since: July 24, 2018
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