forbearance
OTHER WORDS FOR forbearance

OTHER WORDS FROM forbearance
non·for·bear·ance, nounWords nearby forbearance
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
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