_________________ is a temporary reduction or suspension of your mortgage payments for three or four months,followed by a new repayment plan for the loan.

Question

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Forbearance is a temporary reduction or suspension of mortgage payments for a specific period, typically three to four months, followed by a new repayment plan for the loan. Reinstatement refers to catching up on missed payments, foreclosure is the legal process by which a lender takes possession and sells a property due to non-payment, and cramdown is a bankruptcy court order allowing a borrower to reduce the principal balance of a mortgage.

_________________ Is a Temporary Reduction or Suspension of Your Mortgage