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forbearance

[ fawr-bair-uhns ]
/ fɔrˈbɛər əns /
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noun

the act of forbearing; a refraining from something.
forbearing conduct or quality; patient endurance; self-control: Their teacher exhibited great forbearance when the children started acting up in class.
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.

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Origin of forbearance

First recorded in 1570–80; forbear + -ance

OTHER WORDS FROM forbearance

non·for·bear·ance, noun
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

FINANCIAL

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

How to use forbearance in a sentence

British Dictionary definitions for forbearance

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
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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