Hardship
Forbearance
A temporary reduction or suspension of mortgage payments
Full Definition
Forbearance: A temporary reduction or suspension of mortgage payments. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how forbearance applies to your specific mortgage situation.
Why It Matters
Understanding forbearance helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.
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Frequently Asked Questions
Forbearance refers to a temporary reduction or suspension of mortgage payments. This is an important concept in mortgage lending that affects how your loan works.
Understanding forbearance can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.
Ready to Put This Knowledge to Work?
Connect with an NMHL mortgage expert who can help you navigate the mortgage process.