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anorlunda
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OmCheeto said:Although I don't remember taking advantage of it, I seem to recall that credit card, mortgage, and auto-loan companies I dealt with offered payment "holidays". Basically, they offered to let me skip an entire months payment, charge me only interest, and I would have ended up paying very little "noticeable" extra in the future.
True, it is the option of the lender. I was just trying to describe what the word"forebearance" normally means AFAIK.
https://www.bankrate.com/mortgages/mortgage-lenders-offer-help-to-borrowers-affected-by-coronavirus/ said:It’s important to note that mortgage forbearance is not mortgage forgiveness, meaning you still have to pay back what you owe.
“Be aware, however, that you will need to repay the amount that was reduced or suspended, either as a lump sum or by adding to your normal monthly payment,” says Leslie Tayne, founder and attorney at Tayne Law Group.
I think it would be wise for anyone to contact their own lender before withholding payments to avoid nasty surprises. Best to get their policy in writing if possible. IMO, if you can afford it, consult with your own attorney.
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