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Borrowers should initiate contact with the lenders and creditors to mitigate the financial risks caused by a recession. In order to adequately respond to the impacts of COVID-19 and the uncertainty of the crisis’ duration,real estate borrowers should be prepared to speak to their lenders and creditors, as this will mitigate and reduce the adverse economic impact of the pandemic on their properties and debt obligations.

Abraham Lincoln once said ... "A good settlement is better than a good lawsuit".

The COVID19 pandemic has adversely affected almost every aspect of the economy. The epidemic's detrimental effects shall have negative consequences on private commercial lenders, banks, and borrower's ability to make their mortgage payments.