Definition: The term "can mortgage payments be deferred" refers to a situation where an individual can request to delay or reduce the amount that they are currently paying on their mortgage. This could involve reducing the principal balance, lowering the interest rate, or even ending the contract altogether. To determine whether it is possible to defer mortgage payments, the person would need to consult with their lender and review any terms of the loan agreement. If there is an option for a deferred payment period, they may be able to use this as a reason to delay the repayment until after a certain date or period. However, if the loan agreement does not contain such language, it is not possible to defer mortgage payments. It's important to note that these are general guidelines and the decision whether or not to defer payments should always be made with the utmost consideration to avoid any potential financial consequences. It is always advisable to seek legal advice before making any decisions about your finances.
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