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It is the Lender/Operator’s responsibility to request a forbearance on behalf of the borrower.
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Question 3 of 5
3. Question
Lender/Operator’s will typically do a 90-day forbearance period to give everyone a little breathing space.
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Question 4 of 5
4. Question
Due to the financial disruption COVID contributed to, Lender/Operator’s wanted to get borrowers up to date financials on a monthly basis versus a quarterly or semi-annual basis
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Question 5 of 5
5. Question
The last thing lenders wanted to do was an asset foreclosure so they focused on exhausting all of the other remedies first (loan extension, modification, rewriting).