FORBEARANCE

Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. Act by which creditor waits for payment of debt due by a debtor after it becomes due.

Withinusurylaw, the contractual obligation of a lender or creditor to refrain, during a given period of time, from requiring the borrower or debtor to repay the loan or debt then due and payable.

for·bear·ance / fôrˈberəns; fər-/ • n. formal patient self-control; restraint and tolerance: forbearance from taking action. ∎  Law the action of refraining from exercising a legal right, esp. enforcing the payment of a debt.

forbearance The position taken by a lender who chooses not to exercise his or her legal right of foreclosure when a borrower defaults. Instead, the lender may renegotiate the terms of the loan.

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