Allison is a nurse.She loses her job and defaults on the mortgage on her home.Because there is a high demand for nurses in the town where Allison lives,Cash Bank,Allison's lender,believes that Allison will be able to find a new job quickly.Cash Bank agrees to postpone Allison's payments on her loan for three months rather than foreclosing.This is

Question

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This is an example of forbearance, which is when a lender agrees to temporarily suspend or reduce a borrower's payments rather than moving forward with foreclosure. In this case, Cash Bank is giving Allison some time to find a new job and get back on her feet before resuming payments on her loan. This can be a helpful option for borrowers who are facing financial hardship but have the potential to recover if given some breathing room.

Allison Is a Nurse