6-Forbearance / Loan Modification-Chapter 24

24.8.3. Forbearance / Loan Modification Forbearance is a temporary agreement between a borrower and a lender in which the lender allows the borrower to pause or reduce their mortgage payments for a specified period. This option is typically used when borrowers experience financial hardship, such as job loss, medical emergencies, or other unforeseen circumstances that […]