forbearance is the act of surrendering the right to enforce a valid claim usually in return for a binding promise to perform a specified act. In the thrift industry, forbearance sometimes refers to an agreement by a lender to refrain from taking legal action when a mortgage is in arrears, as long as the borrower complies with a satisfactory arrangement to pay off the past due balance by a future date. The term also may refer to the Office of Thrift Supervision refraining from taking enforcement action against a thrift institution as long as certain conditions are met.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). forbearance. Retrieved September 21, 2026, from http://smartdefine.org/forbearance/definitions/1154330 |
| Chicago | Barry Goldsmith. 2010. "forbearance" http://smartdefine.org/forbearance/definitions/1154330 (accessed September 21, 2026). |
| Harvard | Barry Goldsmith 2010, forbearance, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/forbearance/definitions/1154330>. |
| MLA | Barry Goldsmith. "forbearance" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/forbearance/definitions/1154330> |