Financial Resource Documents
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Forbearance or Deferment
- Forbearance
A forbearance is the lender’s postponement of
legal action when a borrower is delinquent. It is usually granted when a borrower makes
satisfactory arrangements to bring the overdue mortgage payments up to date.
- Deferment
A deferment is when loan payments are authorized
to be postponed as part of a workout process to avoid foreclosure.
A lender usually permits a deferment when the borrower is able to show that at a certain date,
the borrowers financial hardship will be cured and at that time the borrower will be able to
make the mortgage payments.
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