forbearance

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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 periodicals archive ?
I got it wrong yesterday choosing Just Superb over Forbearing from the Cheltenham race won by Ela Re.
Besides, Chase The Sunset finished well in front of Heron's Ghyll last time - and well in front of Forbearing, too.
Not only was that a highly competitive contest with 20 closely matched runners, the pace was furious and those who helped force it, as Just Superb and Forbearing did, not surprisingly paid the price in the later stages.
Forbearing, who wore a visor for the first time at Cheltenham, threatens to start at a shorter price than Just Superb and that seems wrong, even allowing for the fact his claiming rider takes off a generous 10lb.
Now with Martin Pipe, Forbearing may still be the best alternative but Adjawar's much more solid form entitles him to clear preference.
Perhaps Forbearing will be asked to make the running to offset his patent lack of speed over the mile trip, while Dance On The Top and Tony Tie are others who can front-run if necessary.
Spreadex have erred very much on the side of caution with Forbearing at 9-12 and he rates the best sell at that price, since this middle-distance runner is likely to find conditions too quick against the specialist milers.
Forbearing, however, steps back down from 12 furlongs following his second at Doncaster.
The class horses have a good record in this race, so don't be surprised if last year's winner Hannibal Lad goes well, or for that matter Forbearing, who would have been a hot favourite for this two years ago.
Sir Mark Prescott reports that Forbearing doesn't seem as good as he was, so it may be best to watch him and have small bet on Red Carnation at 12-1 with Blue Square and the Tote.
Sir Mark Prescott plans to use the race as a comeback for his five-year-old Forbearing, who was sidelined all last season.
7 Takamaka Bay, 8 Barathea Blazer, Counsel's Opinion, 9 King's Mill, 10 Night Sight, Prompt Payment, Tamiami Trail, 12 Forbearing, Red Carnation, 14 Hannibal Lad, 16 bar.