关键词：Deferred Balance/mortgage statement
Deferred balance is a way for borrowers to modify loans if they are struggling with repayments.
The lender agreed to split the existing mortgage balance into two parts according to the specific agreement, the borrower still pay the principal and interest each month of the main balance part as scheduled, the rest is deferred balance which becomes an interest-free loan to be paid off as a lump sum at the end of the mortgage term. The borrower’s mortgage monthly payments will be lower because the monthly principal balance repayment has been reduced. But the sum of payments is more or less depends on whether the borrower extends the loan term.
The borrower should have plans to pay off the deferred balance when the loan close.
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