16:13
its looking like no waves today
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LSDefine
Simple English definitions for legal terms
forbearance
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A quick definition of forbearance:
Forbearance is when someone chooses not to do something on purpose. In the law, it means delaying the enforcement of a right, obligation, or debt. For example, if someone owes money to a bank, the bank might agree to forbear taking legal action if the person agrees to pay the debt back in a different way. Another example is when someone can't make their mortgage payments, and the lender agrees to forbear foreclosing on the house for a little while and gives the person a new payment plan to help them catch up.
A more thorough explanation:
Forbearance is when someone intentionally chooses not to do something. In the legal world, it means delaying the enforcement of a right, obligation, or debt.
Here are a few examples of forbearance:
- A creditor may choose to forbear legal action against a debtor if they agree to new payment conditions.
- A mortgage forbearance agreement is when a lender agrees not to foreclose on a mortgage, and the borrower agrees to a new payment plan that provides temporary payment relief.
These examples show how forbearance can be used to delay or change the enforcement of a legal obligation. In both cases, the creditor or lender is choosing to give the debtor or borrower more time to pay back their debt or mortgage.