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Financial hardship relief allowed
Of course, FHA insurance isn't supposed to be an easy out for borrowers who are unhappy about their mortgage payments.
But loan servicers can offer some relief to borrowers who have an FHA-insured loan, have suffered a serious financial hardship or are struggling to make their payments. That relief might be in the form of a temporary period of forbearance, a loan modification that would lower the interest rate or extend the payback period or a deferral of part of the loan balance at no interest.
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