FORBEARANCE is a term
that we usually hear used in banking. It means to refrain from
exercising a legal right, especially enforcing the payment of a debt. We've
heard it recently during COVID-19 as banks offered struggling families a
mortgage forbearance - a solution that offers customers a temporary
lower payment for up to six months to avoid foreclosure or a negative
affect on their credit. We
understand that you've lost a job, your income has declined, or you're
unable to work due to an illness of your own or a family member. Instead
of giving you a harsh penalty, we sympathize with your situation, and
we are going to extend grace, mercy, and time for you to get back on
your feet". Many have been helped by this intervention.
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