What Is Mortgage Deferral and How Does It Help Homeowners?
When you can't make your mortgage payment, you have options. One of those options is called mortgage deferral. Mortgage deferral allows you to postpone making your mortgage payments for a set period of time. This can be helpful if you're experiencing a financial hardship or going through a life event like a job loss or medical emergency.
Mortgage deferral is not the same as forbearance, which also allows you to temporarily stop making payments. With forbearance, your lender agrees to reduce or suspend your payments for a set period of time. The difference is that with forbearance, you're still responsible for paying the missed payments at the end of the forbearance period, plus any interest that accrues during that time. With deferral, on the other hand, your lender agrees to postpone your payments without requiring you to pay them back later.
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