a written agreement providing that a lender will delay exercising its rights (in the case of a mortgage, foreclosure) as long as the borrower performs in accordance with certain agreed-upon terms
An agreement, either verbal or written, that the lender will delay foreclosing on a loan if the borrower performs certain terms and conditions.
An agreement between the borrower and the lender whereby the latter party agrees to reduce or postpone payments in a hardship case.
An agreement that the lender will delay exercising the right to foreclose. Itâ€(tm)s usually granted when a mortgagor makes a satisfactory arrangement by which the arrears will be paid at a future date.
A formal agreement between a borrower and a lender to postpone an ongoing foreclosure.
An agreement that the lender will delay exercising the right to forelose, as long as the borrower performs according to certain conditions.
A forbearance agreement is a fancy word for a payment plan. When a property owner is in arrears, the bank may agree to accept part of the arrearages now, and the balance in a specified payment plan. A forbearance agreement that is adhered to will stop the foreclosure process. If a homeowner misses one payment during this repayment period, the bank will usually resume the foreclosure suit where it left off, and no further payments will be accepted.
A verbal or written agreement that the lending institution will delay exercising its right to foreclose on a loan as long as the borrower performs certain agreed-upon terms and conditions.
A verbal or written agreement providing that the association will delay exercising its rights (in the case of a mortgage loan, foreclosure) as long as the borrower performs certain agreed-upon actions.
