Forbearance

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Forbearance is the intentional action of abstaining from doing something. In the context of the law, it refers to the act of delaying from enforcing a right, obligation, or debt. For example, a creditor may forbear legal action against the debtor if they settle the debt payment with new payment conditions. Another example is a mortgage forbearance agreement under which the lender agrees to forbear its right to foreclose the mortgage, and the borrower accepts a new payment plan that provides temporary payment relief.

[Last updated in July of 2021 by the Wex Definitions Team]