Forbearance
A postponement of loan payments, granted by a lender or creditor, for a temporary period of time. This is done to give the borrower time to make up for overdue payments. Investopedia Says:
Basically, forbearance allows the borrower to put a temporary hold on his or her monthly payments, usually for up to one year. Forbearance is common for unemployed people with outstanding student loans. Related Terms:
Bankruptcy
Credit
Credit Rating
Credit Risk
Creditor
Impaired Credit
Judicial Foreclosure
Loan Modification |