forbearance

American  

[fawr-bair-uhns] / fɔrˈbɛər əns /

noun

1. the act of forbearing; a refraining from something.

   Synonyms:

   abstinence

2. 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

3. an abstaining from the enforcement of a right.

4. 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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forbearance British  

/ fɔːˈbɛərəns /

noun

1. the act of forbearing

2. self-control; patience

3. law abstention from or postponement of the enforcement of a legal right, esp by a creditor allowing his debtor time to pay

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Usage

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.

Other Word Forms

• nonforbearance noun

Etymology

Origin of forbearance

First recorded in 1570–80; forbear + -ance

Example Sentences

Regulators lacked the resources in their insurance fund to close bankrupt S&Ls, forcing an era of “forbearance” when thrifts stayed open despite insolvency.

From The Wall Street Journal

Whether to continue granting Mexico the benefits of American trade and forbearance is our choice.

From The Wall Street Journal

Transparent marks sharpen risk management, curtail regulatory forbearance, and make resolution decisions faster and fairer.

From Barron's

Mr. Mamdani would present an enticing target to a political opponent of laconic self-discipline and charitable forbearance.

From The Wall Street Journal

A big danger that comes with mortgage forbearance is a potential balloon payment — when a lump sum of missed payments is owed at the end of a forbearance period.

From MarketWatch

Related Words

• fortitude
• self-control