Finance
In South Dakota, 'forbearance' in mortgage lending refers to:
AThe lender refusing to make mortgage payments on the borrower's behalf
BA temporary agreement by the lender to reduce or suspend mortgage payments for a borrower experiencing hardship✓ Correct
CThe lender's right to foreclose on the property
DA prepayment penalty for paying off the mortgage early
Explanation
Forbearance is a temporary arrangement where the lender agrees to reduce or pause the borrower's mortgage payments during a period of financial hardship. The missed or reduced payments are typically added to the end of the loan or repaid through a repayment plan.
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