{"id":549,"date":"2023-05-19T06:35:28","date_gmt":"2023-05-19T06:35:28","guid":{"rendered":"https:\/\/spacemen.digital\/test\/?p=157"},"modified":"2023-07-04T01:45:27","modified_gmt":"2023-07-03T17:45:27","slug":"forbearance-definition-loan","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/glossary\/forbearance-definition-loan\/","title":{"rendered":"Forbearance"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What is the definition of loan forbearance?<\/strong><\/h2>\n\n\n\n<p>Forbearance is an arrangement offered by your mortgage servicer or lender that allows you to temporarily pause or reduce your mortgage payments for a specific period while you recover your financial stability.<\/p>\n\n\n\n<p>During the COVID-19 pandemic, homeowners facing challenges paying their mortgages widely opted for loan forbearance. As a response, on 24 June 2021, the Monetary Authority of Singapore (MAS) and the financial industry extended support measures to individuals who encountered difficulties repaying their loan obligations, provided they met <a href=\"https:\/\/www.mas.gov.sg\/covid-19\/frequently-asked-questions\">the eligibility criteria.<\/a><\/p>\n\n\n\n<p>The application window closed on 30 September 2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How does loan forbearance work?<\/strong><\/h2>\n\n\n\n<p>During forbearance, no extra fees, penalties, or additional interest are usually added to your mortgage account apart from what was originally scheduled.&nbsp;<\/p>\n\n\n\n<p>However, it&#8217;s important to note that forbearance doesn&#8217;t mean your payments are forgiven or erased. You are still responsible for repaying any missed payments, which can typically be done over time or when you refinance or sell your home.&nbsp;<\/p>\n\n\n\n<p>As your forbearance period nears its end, your servicer will contact you to discuss repayment options for the missed payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How can I apply for loan forbearance?&nbsp;<\/strong><\/h2>\n\n\n\n<p>If you are experiencing financial difficulties, it is advisable to approach your lenders as soon as possible to explore alternative repayment arrangements.<\/p>\n\n\n\n<p>Even after the pandemic support measures end, lenders will continue to provide assistance and options for borrowers facing cash flow constraints based on their circumstances.&nbsp;<\/p>\n\n\n\n<p>However, borrowers who can resume making full loan repayments should do so to prevent unnecessary accumulation of debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the definition of loan forbearance? Forbearance is an arrangement offered by your mortgage servicer or lender that allows you to temporarily pause or reduce your mortgage payments for a specific period while you recover your financial stability. During the COVID-19 pandemic, homeowners facing challenges paying their mortgages widely opted for loan forbearance. As&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[87],"tags":[],"class_list":{"2":"type-post","7":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.7 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Forbearance - Definition &amp; How to Apply for Loan Forbearance<\/title>\n<meta name=\"description\" content=\"Forbearance is an important term that helps you understand real estate industry better. 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