How Mortgage Forbearance Agreements can help prevent foreclosure of your property
Forbearance Agreement Law and Legal Definition
A forbearance agreement is typically an agreement to postpone, reduce, or suspend payment due on a loan for a limited and specific time period. Interest that accrues during the forbearance remains the debtor's responsibility. When the forbearance expires the unpaid interest is added (capitalized) to the principal balance of the loan. A forbearance request must be approved by the lender.
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