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Loans & Lending Practices MCQs

What is meant by the term "Forbearance"?

A postponement of payment on a loan, typically if the borrower doesn't qualify for a deferment and is unable to make payments for a reason such as poor health

A step taken during bankruptcy

An extra loan payment made to pay down principal

None of the above

Answer

Correct Answer: A postponement of payment on a loan, typically if the borrower doesn't qualify for a deferment and is unable to make payments for a reason such as poor health

Explanation:

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