Forbearance Meaning and Definition

Pronunciation

/fɔːrˈbɛərəns/ 🔊

Part of Speech

Noun

Definition

A temporary stop or reduction in payment of a debt, often in exchange for a promise to make future payments.

Examples

• The bank offered forbearance to the borrower, allowing them to delay payments for six months.
• The lender agreed to forbearance, temporarily suspending foreclosure proceedings.

Synonyms

• Abeyance
• Moratorium

Antonyms

• Acceleration
• Default

Additional Information

Forbearance is often used as a temporary solution to help individuals or businesses experiencing financial difficulties. It can provide breathing room to restructure debt or explore alternative payment options. In exchange, the borrower typically agrees to make future payments or take other measures to rectify the situation.

Forbearance can be used in various contexts, including mortgages, student loans, and credit card debt. It’s essential to understand the terms and conditions of a forbearance agreement, as it may impact credit scores or lead to additional fees.

Etymology

The word “forbearance” originates from the Old English words “for” (meaning “against” or “away from”) and “bear” (meaning “to carry” or “to endure”). It has evolved to convey the idea of temporarily withholding or abstaining from enforcing a debt or obligation.

Usage Notes

When using the word “forbearance,” it’s essential to understand the specific context and terms of the agreement. Be clear about the duration, conditions, and implications of the forbearance arrangement to avoid misunderstandings.

Cultural References

The concept of forbearance has appeared in various literary and cinematic works, such as Charles Dickens’ “Oliver Twist” and the film “The Big Short.”

Idiomatic Expressions or Phrases

• to forbear from doing something
• to grant forbearance

Related Words or Phrases

• Abatement
• Deferment
• Mitigation

Collocations

• forbearance agreement
• temporary forbearance
• debt forbearance

Frequency of Use

The word “forbearance” is commonly used in financial, legal, and economic contexts. While it may not be part of everyday conversation, it’s an essential term for professionals and individuals dealing with debt and financial obligations.

Common Misspellings

• Forbearence
• Forbearancee
• Forebearance