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What is the difference between a Loan Modification agreement and a forbearance agreement?

April 26, 2017Agreement difference forbearance loan modification

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What is the difference between a Loan Modification agreement and a forbearance agreement?

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A forbearance agreement provides a short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will not be able to meet their current monthly payments for a prolonged period of time.