When you are having financial difficulties, forbearance is a temporary suspension or reduction of payments.
Forbearance describes a special arrangement between the lender and the borrower to put off foreclosure in the context of a mortgage transaction. The definition of forbearance is "holding back." Another word for this is a mortgage moratorium.
When mortgage borrowers are unable to meet their repayment requirements, lenders may decide to foreclose. To delay foreclosure, the lender and borrower may agree to "forbearance." This arrangement allows the lender to delay the right to foreclose if the borrower can catch up on payments by a certain date.
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