Definition
Forbearance
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Forbearance occurs when a bank agrees not to take further steps towards foreclosure, and in return a borrower agrees to commits to a special payment plan that will eliminate the delinquencies.
The word might not be used often.
But an agreement to a special payment plan due to repayment difficulties is a forbearance agreement.
Despite what most people think about having no leeway with banks, such forbearance agreements actually happen very often.
When we consider that writing off a home loan as bad debt or going through the foreclosure process can be something every party wants to avoid, it makes perfect sense that lenders would go to great extents to work with borrower in financial trouble.
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