Do you sometimes get letters from your bank/lender talking about deferment or forbearance but don’t exactly know what that means? I’m here to help! Here are the definitions:
Deferment:
Payments can be moved to the back-end of the loan.
Forbearance:
No payments for a set period of time; but at the end of that time, the total amount comes due (one-time balloon payment).
The big question is, should you ask for a deferment or a forbearance? Here’s my short piece of advice: ASK YOUR LENDER/BANK! They will be able to look at your finances and help you find the best option. Always remember that in both cases, payments do not go away!!! These are simply options to alleviate some of the financial pressures you may be facing.
Hope this helped!
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