Part 4/9:
A significant misunderstanding regarding forbearances was prevalent during this time. Many homeowners believed that accepting a forbearance meant they were relieved of future payment obligations. However, this is not the case. Once the forbearance period concluded, homeowners were required to pay back not only the skipped mortgage payments but also accrued interest. As a result, when bills finally arrived, many homeowners were shocked to discover they owed significantly more than before—push factors that are leading directly to foreclosure proceedings.