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Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage, while dealing with short-term crisis, You will have to pay the payment reduction or the paused payments back on the agreed upon end date. Any residential borrower that is experiencing financial hardships due to COVID-19, as well as, if your home was damaged in a flood, you had an illness or injury that increased your healthcare costs, or you lost your job. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments.
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