Forbearance
Personal Finance
A temporary period of time during which a regular monthly mortgage payment is reduced or suspended.
- — Pocket Cents Glossary retrieved 2014-05-16
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Mortgage
a temporary period of time during which a regular monthly mortgage payment is reduced or suspended
- — Making Home Affordable Glossary retrieved 2014-05-16
Real Estate
A lender may decide not to take legal action when a borrower is late in making a payment. Usually this occurs when a borrower sets up a plan that both sides agree will bring overdue mortgage payments up to date.