2. Penalty interest rates Missing payments without a lender’s approval can be more costly than a formal forbearance or deferment. That’s because the lender may charge you a penalty interest rate.

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2. Penalty interest rates Missing payments without a lender’s approval can be more costly than a formal forbearance or deferment. That’s because the lender may charge you a penalty interest rate.

2. Forbearance or deferment A forbearance or deferment means your lender has agreed to let you pause or reduce payments for a while. Mortgage forbearance typically lasts for one to six months.

2. Forbearance or deferment A forbearance or deferment means your lender has agreed to let you pause or reduce payments for a while. Mortgage forbearance typically lasts for one to six months.

2. Forbearance or deferment A forbearance or deferment means your lender has agreed to let you pause or reduce payments for a while. Mortgage forbearance typically lasts for one to six months.

2. Forbearance or deferment A forbearance or deferment means your lender has agreed to let you pause or reduce payments for a while. Mortgage forbearance typically lasts for one to six months.