Forbear definitions
| Word backwards | raebrof |
|---|---|
| Part of speech | The word "forbear" can be used as a verb. |
| Syllabic division | for-bear |
| Plural | The plural of the word "forbear" is "forbears." |
| Total letters | 7 |
| Vogais (3) | o,e,a |
| Consonants (3) | f,r,b |
When facing financial difficulties, individuals may opt for a forbearance agreement with their lenders. Forbearance is a temporary postponement of loan payments granted by the lender to the borrower. During this period, the borrower is allowed to make reduced payments or no payments at all.
Forbearance is often granted in cases of temporary financial hardship, such as job loss, illness, or natural disasters. It provides relief to borrowers who are struggling to make their regular payments on time. By entering into a forbearance agreement, borrowers can avoid defaulting on their loans.
Types of Forbearance
There are different types of forbearance, including general forbearance and mandatory forbearance. General forbearance is typically granted at the discretion of the lender, while mandatory forbearance is required by law in certain situations, such as serving in the military or being enrolled in a medical or dental internship.
Impact on Credit Score
While a forbearance agreement can provide temporary relief, it may have implications for the borrower's credit score. Since the borrower is not making full payments during the forbearance period, it could be reported to credit bureaus as a negative mark. However, if the borrower and lender agree on the terms beforehand, the impact on the credit score may be mitigated.
Considerations Before Seeking Forbearance
Before entering into a forbearance agreement, borrowers should consider their long-term financial goals and assess whether forbearance is the best option for their situation. It's essential to communicate openly with the lender, understand the terms of the agreement, and explore alternative repayment options.
In conclusion, forbearance can be a valuable tool for borrowers facing temporary financial hardships. It allows them to pause or reduce their loan payments temporarily while they get back on their feet. However, borrowers must weigh the pros and cons of forbearance carefully and consider its impact on their financial standing in the long run.
Forbear Examples
- Her forbear was known for his courage in battle.
- It is important to forbear judgment until all the facts are known.
- I must forbear from eating sweets to maintain a healthy diet.
- The company decided to forbear from releasing the new product until further testing was done.
- In times of conflict, it is best to forbear from engaging in arguments.
- Despite the temptation, she managed to forbear from making an impulsive decision.
- He showed great forbear in dealing with difficult customers.
- The teacher had to forbear from laughing at the student's silly mistake.
- Forbearance is a virtue that is highly valued in times of adversity.
- I must forbear from indulging in procrastination and focus on my work instead.