Forbearance means temporarily delaying or postponing the repayment of a loan or reducing the monthly payments due to unexpected financial difficulties faced by the borrower. During forbearance, interest still accrues on the outstanding balance, which will increase the overall cost of the loan. Forbearance is often granted by a lender or servicer and is typically available for a specified period of time. It is an important tool for borrowers who find themselves struggling to make their payments due to events such as job loss, illness, or natural disaster. Forbearance can help borrowers avoid default or foreclosure and can provide some breathing room to get back on track financially.
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