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Jason Hardy from Homestead Financial Mortgage discusses the pitfalls of forbearance agreements in this video. He emphasizes that getting into a forbearance agreement should only be considered if you are at risk of losing your home. Hardy warns against accidentally entering into a forbearance agreement, as it can lead to cancelled credit cards, damage to your credit score, and hinder your ability to refinance at low mortgage rates. It is important to understand what a forbearance agreement is before considering it as an option.