Deferment vs Forbearance

Financial challenges due to the coronavirus have many homeowners in search of mortgage relief.

Mortgage deferment and mortgage forbearance are two options you may have read about recently.

Both allow a borrower to skip monthly payments for a set period, but there can be differences.

? ?????????????????? - allows borrowers to repay missed mortgage payments overtime or add them to the end of their loan period

? ?????????????????????? - allows borrowers to temporarily stop making payments without the risk of foreclosure, but missed payments are typically due in one lump sum.

If you’re facing challenges, be sure to contact your lender directly to learn about all the options available to you.

or if you will be more comfortable, you can send me a message and ask me. I'd be happy to help the most that I can ??????

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