Denise borrows $90,000 from Clear Lake Credit Union to buy a home.Denise loses her job and fails to make payments on the mortgage,but assures Clear Lake Credit that she will soon secure a new job.The lender agrees to postpone the payments.This is

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A forbearance is when a lender agrees to temporarily postpone payments from a borrower who is experiencing financial difficulties, such as losing their job. This allows the borrower time to become financially stable again and resume making payments. This is different from a right of redemption, which is the right to regain ownership of a property after it has been foreclosed upon, a short sale, which is selling a property for less than the amount owed on the mortgage, or a reorganization, which is a legal process for restructuring debt.

Denise Borrows $90,000 from Clear Lake Credit Union to Buy