(if the property value drops, the lender calls due the difference on LTV):"But during recessions, when property values slide, borrowers who had been at max leverage (often 75 percent LTV) find themselves having to pay down their loan to meet the required LTV.What does this mean?

So when you speak to them, ask if they lend in your state, if they are originating new loans, and if they are lending to new borrowers, both new to them and new to investing. 

To request a forbearance, the borrower must submit a request to his or her loan servicer and affirm that he or she is experiencing financial hardship during the COVID-19 emergency.

The promissory note says: "On or before May 1, 2023, Borrower shall pay $198,290.00 in one lump sum."

Borrowers are so spoiled with having to bring in very low amounts of money to do these deals..those with ACTUAL cash are going to clean up I think.. as the borrower with not quite the financial horsepower to play will have to sit on the sidelines for a while or they better be looking for equity partners..  

I don't know about 50%, but I do expect there will be a very high uptick in non-payments - it is just different in that the many of those borrowers will have gotten permission to skip their payments, so it's not technically a default.I think where OP was referencing a discussion of loan packagers, it is an ongoing discussion how hard mortgage servicers will be hit.

They are afraid to borrow disaster funds they may never be able to pay back if their businesses don’t rebound.This black swan event hit everyone.

That means less income.Then there is the cost to borrow.  

Wondering if anyone has a sample letter i could borrow.  

No documentation other than the borrower’s attestation of financial hardship due to COVID-19 is required.The borrower is entitled to a forbearance for up to 180 days, and this period shall be extended an additional period of 180 days at the request of the borrower.