To purchase a house,Nora obtains a mortgage loan from Oak Tree Loans LLC.Later,Nora informs Oak Tree that she may default on the payments.The lender agrees to delay taking possession of the property and selling it.The parties negotiate a payment plan for the amount due on the loan.This is

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The situation described involves the lender and borrower negotiating a payment plan to avoid default and foreclosure. This is typically referred to as a workout agreement. Forbearance would involve the lender agreeing to temporarily suspend or reduce payments, but a payment plan is not typically established in forbearance. A short sale typically occurs when the borrower cannot afford to repay the loan and the property is sold for less than the amount owed. Therefore, of the choices presented, a workout agreement is the best option.

To Purchase a House,Nora Obtains a Mortgage Loan from Oak