- Top Question:
- What is a forbearance?
- Best Answer:
Forbearance does not mean your payments are forgiven. You will still be required to repay those payments. A forbearance “pauses” your loan payments for a period of time. For example, if you enter into a 90-day forbearance, you will not be required to make any regular payments for the next three months and no late fees will be assessed during the forbearance period, even though interest will continue to accrue on your account.
The paused payments generally become due at the end of the forbearance period. The way the payments are repaid can differ depending on the type of loan and other factors. Some forbearances require all payments to be paid by the end of the forbearance period. In other cases, you may have additional options, such as establishing a repayment plan or obtaining a deferral to pay the past due amounts or entering into a loan modification. In any case, it is in your best interest to continue to pay what you can during the forbearance period.
Another important point to remember – a forbearance may impair your ability to refinance your mortgage or obtain other types of additional credit for a certain period of time.
Please note: Payment assistance and loan relief options will vary depending on your loan type and financial situation. Arvest Bank wants to assist you whenever possible. Contact us at the earliest indication of a potential problem with your payment:
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