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May 08, 2010

Loan Deferment

Loan deferment refers to being allowed to skip a loan payment without affecting your credit rating. Most types of loans can be deferred with lender approval including car loans, home mortgage loans and student loans. Each type of loan carries a different deferment process and each lender has their own set of loan deferment policies and procedures.

Loan deferment payments are generally rolled to the end of the loan, which in turn extends payment terms. The first step to obtaining a loan deferment involves contacting the lender. Most lenders require borrowers to submit a financial hardship letter detailing events which have caused them to be unable to adhere to their payment schedule.

Real Estate Investing article on "Loan Deferment"