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forbearance
[ fawr-bair-uhns ]
noun
- the act of forbearing; a refraining from something.
Synonyms: abstinence
- forbearing conduct or quality; patient endurance; self-control:
Their teacher exhibited great forbearance when the children started acting up in class.
Synonyms: indulgence, sufferance, toleration, tolerance
- an abstaining from the enforcement of a right.
- Finance. a form of repayment relief granted by a lender that temporarily postpones payments due from a borrower, while interest on the loan typically continues to accrue:
When he had difficulty making his monthly mortgage payments, the bank granted a forbearance, so he avoided foreclosure on his home.
forbearance
/ fɔːˈbɛərəns /
noun
- the act of forbearing
- self-control; patience
- law abstention from or postponement of the enforcement of a legal right, esp by a creditor allowing his debtor time to pay
Other Words From
- non·for·bear·ance noun
Word History and Origins
Origin of forbearance1
Example Sentences
But because borrowers with federal loans can choose from forbearance, deferment or income-driven repayment, it’s that much more challenging to prove undue hardship.
Many banks already have policies allowing up to three additional months of payment forbearance.
While the search for answers and lessons is warranted, we would be wise to practice forbearance and refrain from casting personal blame for a little while.
You may be qualified for a forbearance plan that will temporarily lower or eliminate your monthly payment and prevent late fees and foreclosure.
It reminds us that everybody is aching in some way and therefore deserving of forbearance.
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More About Forbearance
What does forbearance mean in mortgages?
Forbearance is a form of repayment relief granted by a lender that temporarily postpones payments due from a borrower, while interest on the loan typically continues to accrue. The terms of forbearance are negotiated between the borrower and the lender.
For example, if an individual has difficulty making monthly mortgage payments, a forbearance agreement from the bank can avoid foreclosure on the person’s home.
Examples of forbearance in a sentence
“Forbearance doesn’t mean your payments are forgiven or erased. You are still required to repay any missed or reduced payments in the future, which in most cases may be repaid over time.”
—“Learn about mortgage relief options and protections” Consumer Financial Protection Bureau. Retrieved August 19, 2020.
“In most cases the length of the [forbearance] plan will not exceed 18 months from the first reduced or suspended payment, and will stipulate commencement of foreclosure action if you default on the agreement.”
—LaTonya S. Johnson, The Game of Foreclosure and How to Play It, second edition (1995), page 22. Retrieved August 19, 2020 from Google Books.
Other terms connected with the topic of forbearance
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