forbearance

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Related to forbearances: deferment

Forbearance

Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. Act by which creditor waits for payment of debt due by a debtor after it becomes due.

Within Usury law, the contractual obligation of a lender or creditor to refrain, during a given period of time, from requiring the borrower or debtor to repay the loan or debt then due and payable.

forbearance

n. an intentional delay in collecting a debt or demanding performance on a contract, usually for a specific period of time. Forbearance is often consideration for a promise by the debtor to pay an added amount.

forbearance

abstention from or postponement of the enforcement of a legal right.
References in periodicals archive ?
A borrower can pause payments if her servicer grants her a deferment or forbearance, but if a borrower fails to make her monthly payment and does not have a deferment or forbearance, her loan will become delinquent.
Another 2.7 million borrowers are in forbearance, a status in which they are not required to make payments, but may see their balances grow due to interest accumulation.
They may be eligible for forbearance on mortgage payments for up to one year if their mortgage is owned or guaranteed by Freddie Mac."
Freddie Mac's disaster policies enable servicers to extend forbearance and repayment plans for up to 12 months on a case-by-case basis without prior Freddie Mac approval for borrowers whose homes or places of employment are located in eligible disaster areas.
all forbearances cases involving rates), an appeal to competition is
10--cannot be used as a basis for forbearance for "terminating
In a separate press release, Freddie Mac said it is authorizing its servicers to verbally grant 90-day forbearances to all borrowers in eligible disaster areas, including borrowers with a mortgage modified under the Home Affordable Modification Program (HAMP) or currently in a HAMP or Standard Modification trial period plan.
Storm victims may be eligible for forbearance, loan modifications or waived late-payment charges, according to press announcements.
"The change will be retroactive to private loan forbearances granted on or after Jan.
Until then, the bulletin reminds servicers not to report storm-related forbearances or bankruptcies to credit bureaus, and to waive prepayment premiums for storm victims in some cases.
Financing - The Company entered into the Second Amended and Restated Forbearance Agreement ('Second A&R Forbearance Agreement') on July 1, 2019 with its senior lenders, stream financing providers and equipment financiers.
They also affirmatively conclude that in those instances where forbearance was used, it was applied appropriately.