Forbearance
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Forbearance
Description:
The act of choosing not to exercise a right, or not declaring a default when entitled to. The term is commonly seen in contracts, specifying that a forbearance by one party who chooses not to declare a default does not entitle the other party to rely on the future forbearances or a waiving of any rights of the first party.
Lenders will sometimes enter into formal forbearance agreements with borrowers. For example, a lender might agree to a forbearance stating they will not foreclose if the borrower agrees to a new payment plan, additional charges, etc.
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