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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Forbearance is an agreement between the lender and borrower to temporarily postpone or reduce payments due to a financial hardship. In this scenario, Denise has lost her job and is unable to make the mortgage payments, but the lender agrees to postpone the payments while she looks for a new job. A bridge loan is a short-term loan used to finance a property until long-term financing is obtained. Reamortization and restructuring typically involve changing the terms of the loan permanently, such as adjusting the interest rate or extending the repayment period, which is not the case in the given scenario.

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