Forbearance

Nov 13, 2024
< 1 min read
Forbearance

A loan forbearance is a temporary postponement in a borrower’s regular loan payments. Loan forbearance is not automatic. Borrowers must apply for deferment through the lender. It is granted for a predetermined period under specific circumstances, typically when a borrower experiences temporary financial hardship. 

Loan management software helps facilitate the deferment process, track the forbearance period, and automatically adjust the loan schedule.

​© 2024 Bryt Software LCC. All Rights Reserved.