patience, forbearance, longanimitynoun
good-natured tolerance of delay or incompetence
a delay in enforcing rights or claims or privileges; refraining from acting
"his forbearance to reply was alarming"
Restraint under provocation.
A refraining from the enforcement of something (as a debt, right, or obligation) that is due.
Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is "holding back".
the act of forbearing or waiting; the exercise of patience
the quality of being forbearing; indulgence toward offenders or enemies; long-suffering
In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is “holding back.” Loan borrowers sometimes have problems making payments. This may cause the lender to start the foreclosure process. To avoid foreclosure, the lender and the borrower can make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower can catch up to his payment schedule in a certain time. This period and the payment plan depend on the details of the agreement that are accepted by both parties. Forbearance is usually for temporary financial problems. If the borrower has more serious problems, for example if it is a variable-rate mortgage and the interest rate becomes unaffordable for the borrower, then forbearance is usually not a solution. When a lender offers a forbearance, they are taking control of the situation so that they can maneuver whichever way best serves the lender. The borrower is still responsible for the total monthly payment due each month, though they will accept the agreed forbearance amount. When the forbearance period is over the total amount of the original payments for that period is still due.
The Roycroft Dictionary
1. To forgive an enemy who has been shorn of power. 2. To buy golden opinions of one's self. 3. To slay with irony or pity.
The Foolish Dictionary, by Gideon Wurdz
The spirit of toleration shown when a man who knows, patiently listens to a fool who does not.
The numerical value of forbearance in Chaldean Numerology is: 5
The numerical value of forbearance in Pythagorean Numerology is: 7
It is not surprising to see the rate of forbearance exits slow.
Endeavor to be always patient of the faults and imperfections of others for thou has many faults and imperfections of thine own that require forbearance. If thou are not able to make thyself that which thou wishest, how canst thou expect to mold another in conformity to thy will?
A strong defense is the surest way to peace. Strength makes detente attainable. Weakness invites war, as my generationmy generationknows from four very bitter experiences. Just as Americas will for peace is second to none, so will Americas strength be second to none. We cannot rely on the forbearance of others to protect this Nation. The power and diversity of the Armed Forces, active Guard and Reserve, the resolve of our fellow citizens, the flexibility in our command to navigate international waters that remain troubled are all essential to our security.
It depends on how a lender reports forbearance, consumers should ask their lender how they plan to report any accounts in forbearance to the credit reporting agencies.
The forbearance agreement is just putting off payment until a later day, it is the lender saying, We give you temporary reprieve and at the end, you pay us.
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"forbearance." Definitions.net. STANDS4 LLC, 2021. Web. 18 Oct. 2021. <https://www.definitions.net/definition/forbearance>.