Forbearance

Learn about the definition for this legal term.

What is Forbearance?

An agreement between lender and borrower that the borrower shall have additional time to make payments, or to make modified payments, during a specified time. If the borrower defaults, the creditor can foreclose, repossess or take other available action against the collateral.

Further Reading

For more detailed information, see our related Security Transactions And Mortgages terms:

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