forbearance


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Related to forbearance: Forbearance Agreement

Forbearance

The temporary suspension of loan repayments due to demonstrated financial hardship on the part of the borrower. Interest continues to accrue during forbearance and thus may extend the repayment period or cause payments to increase once they re-commence. A borrower must apply to the lender to be considered for forbearance.

forbearance

The act of restraining from exercising a right.

1. Typically encountered in leases and other contracts specifying that a forbearance by one party who fails to declare a default when entitled shall not entitle the other party to rely on future forbearances and will not constitute a waiver of any rights.

2. After a loan default, lenders will sometimes enter into formal forbearance agreements with borrowers, agreeing not to foreclose if the borrowers will agree to a new payment plan, pay all attorneys' fees associated with drafting the agreement, usually agree to a  higher interest rate and more collateral, and almost always agree to waive any and all claims against the lender.

References in classic literature ?
My caprices are at an end, and my violent temper has tried your forbearance for the last time.
The common welfare was my business; charity, mercy, forbearance, and benevolence, were, all, my business.
Pocket, as a grown-up infant with no notion of his own interests, they showed the complacent forbearance I had heard them express.
She recalled the small details, the words, tones, and looks, in the critical scenes which had opened a new epoch for her by giving her a deeper insight into the relations and trials of life, or which had called on her for some little effort of forbearance, or of painful adherence to an imagined or real duty-- asking herself continually whether she had been in any respect blamable.
But fall'n he is, and now What rests, but that the mortal Sentence pass On his transgression, Death denounc't that day, Which he presumes already vain and void, Because not yet inflicted, as he fear'd, By some immediate stroak; but soon shall find Forbearance no acquittance ere day end.
As neither can CONTROL the other, each will have an obvious and sensible interest in this reciprocal forbearance.
The forbearance can only have proceeded from an irresistible conviction of the absurdity of subjecting the fate of twelve States to the perverseness or corruption of a thirteenth; from the example of inflexible opposition given by a MAJORITY of one sixtieth of the people of America to a measure approved and called for by the voice of twelve States, comprising fifty-nine sixtieths of the people an example still fresh in the memory and indignation of every citizen who has felt for the wounded honor and prosperity of his country.
It may be observed that at the very moment when, thanks to the ray of the sun, he perceived the gun barrel, he was thinking with astonishment on the forbearance of his Eminence with respect to him.
de Blacas moved suddenly towards the baron, but the fright of the courtier pleaded for the forbearance of the statesman; and besides, as matters were, it was much more to his advantage that the prefect of police should triumph over him than that he should humiliate the prefect.
That it is true his other virtues would not have been sufficient for him may be proved by the case of Scipio, that most excellent man, not only of his own times but within the memory of man, against whom, nevertheless, his army rebelled in Spain; this arose from nothing but his too great forbearance, which gave his soldiers more license than is consistent with military discipline.
Attendance, forbearance, patience with Darcy, was injury to Wickham.
I was calm for some time; but the greatest degree of forbearance may be overcome, and I hope I was afterwards sufficiently keen.