Finance
In South Carolina, what is 'forbearance' in mortgage lending?
AThe lender's ability to collect on a defaulted loan
BAn agreement between lender and borrower allowing the borrower to temporarily pause or reduce mortgage payments during financial hardship✓ Correct
CA lender's requirement for additional collateral
DThe borrower's right to pay off the loan early
Explanation
Forbearance is an agreement where a lender temporarily suspends or reduces a borrower's mortgage payments due to financial hardship. During forbearance, the loan is not reported as delinquent, but the missed payments must eventually be repaid.
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