What does forerbance mean?

Answer 1

In law it means,Forbearance is the intentional act of delaying the enforcement of a debt, right, or obligation. For example, a creditor may forbear legal action against a debtor if they agree to new payment conditions. But in fiance it means Forbearance is a form of repayment relief that allows a borrower to temporarily pause or reduce their payments. This can be helpful if someone is struggling to pay their mortgage or student loans due to financial hardship, such as a natural disaster, medical costs, or job loss. The borrower still owes the full amount, plus interest, and will need to repay the difference later. Lenders usually provide a warning before forbearance ends, and it's the borrower's responsibility to resume payments on time. Forgetting to resume payments could negatively impact a borrower's credit score. Forbearance can also have other drawbacks, such as making it harder to refinance a mortgage or increasing payments after the forbearance period ends.