In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower in order to delay a foreclosure.

Loan borrowers sometimes have problems with their payments due to unexpected circumstances. This may cause the lender to start the foreclosure process. To avoid this situation, the lender and the borrower have the option to make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower could catch-up his payment schedule in a certain amount of time. This time-period and the payment plan depend on the details of the agreement which are accepted by both of the parties involved.

Note that forbearance is just for "temporary" financial problems. If the borrower has more serious problems, for example if it is a variable-rate mortgage and the interest rate become high enough so that the borrower cannot afford the payments anymore, then forbearance is usually not a solution.

See also

* Foreclosure

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  • forbearance — for·bear·ance also fore·bear·ance /fȯr bar əns/ n: a refraining from the enforcement of something (as a debt, right, or obligation) that is due Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. forbearance …   Law dictionary

  • Forbearance — For*bear ance, n. The act of forbearing or waiting; the exercise of patience. [1913 Webster] He soon shall find Forbearance no acquittance ere day end. Milton. [1913 Webster] 2. The quality of being forbearing; indulgence toward offenders or… …   The Collaborative International Dictionary of English

  • forbearance — 1 long suffering, *patience, longanimity, resignation Analogous words: & Antonyms: see those at FORBEARANCE 2 2 tolerance, clemency, mercifulness, leniency, indulgence (see under FORBEARING) Analogous words: patience, long suffering, longanimity …   New Dictionary of Synonyms

  • forbearance — 1570s, originally legal, in reference to enforcement of debt obligations, from FORBEAR (Cf. forbear) (v.) + ANCE (Cf. ance). General sense of refraining from is from 1590s …   Etymology dictionary

  • forbearance — [n] resisting, avoidance abstinence, endurance, fortitude, going easy on*, living with*, longanimity, moderation, patience, patientness, refraining, resignation, restraint, self control, temperance, tolerance; concepts 410,633 Ant. continuation,… …   New thesaurus

  • forbearance — ► NOUN 1) patient self control and restraint. 2) tolerance …   English terms dictionary

  • forbearance — [fôr ber′əns] n. 1. the act of forbearing 2. the quality of being forbearing; self control; patient restraint 3. Law the act by which a creditor extends time for payment of a debt or forgoes for a time the right to enforce legal action on the… …   English World dictionary

  • Forbearance — A postponement of loan payments, granted by a lender or creditor, for a temporary period of time. This is done to give the borrower time to make up for overdue payments. Basically, forbearance allows the borrower to put a temporary hold on his or …   Investment dictionary

  • forbearance — [[t]fɔː(r)be͟ərəns[/t]] N UNCOUNT (approval) If you say that someone has shown forbearance, you admire them for behaving in a calm and sensible way about something that they have a right to be very upset or angry about. [FORMAL] She remembered… …   English dictionary

  • forbearance — noun (U) formal patience, self control, and willingness to forgive someone: Higgins accepted the decision with commendable forbearance …   Longman dictionary of contemporary English

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