I have to bring this up because I have heard people using the terms interchangeably as if they are the same thing. I can assure you they are NOT the SAME thing.
Things are changing at a rapid rate right now and a lot of financial conversations are needed. It’s easy to get confused by the terminology so let’s make sure we are clear on this one (forbearance vs deferment) and what questions you should be asking your lender.
One means that you will be paying a lump sum of 3 to 4 months worth of missed payments at the end of the period and the other means that the missed payments will be tacked onto the end of your loan period or paid off in installments over time. That is a HUGE DIFFERENCE. For many people it could mean the difference between keeping their home or just pushing the chances of foreclosure a few months down the road.
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Author: Laya Gavin
Surprise AZ Real Estate – Laya Gavin – REALTOR / Franchise Owner – Team EXIT Realty Sun City is located in Surprise AZ, in Maricopa County. We list and sell residential and commercial properties in Sun City, Sun City West, Sun City Grand, Surprise, Goodyear, Glendale, Buckeye and the surrounding areas of Phoenix and the Valley of the Sun. To discuss your Real Estate needs, feel free to give me a call at Laya Gavin at (623)552-3255 or (866)399-3948