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What is a Mortgage Forbearance Agreement?

In the event that a borrower is having issues making mortgage payments on time, they may try to seek a mortgage forbearance agreement to delay the foreclosure process.

The mortgage forbearance agreement would specify the plan for resuming mortgage payments on time, and is designed to be a temporary solution to an unforeseen issue with the borrower (unemployment, health issues).

Keywords: mortgage, foreclosure, forbearance,