A forbearance agreement may be proposed by a borrower or lender because of a borrower’s temporary inability to honor the covenants of a loan contract. Specifically, the lender agrees not to foreclose or take other legal action in exchange for a borrower’s acceptance of revised loan terms. The ultimate purpose of a forbearance agreement is to bring the original loan contract current. A forbearance agreement is a temporary measure to assist delinquent borrowers while preserving the financial interests of a bank or other lending institution. Download this white paper to learn about some of the legal considerations.
- Review the legal considerations of forbearance agreements.
- Determine what to do in cases of personal and commercial loan delinquency.
- Identify courses of action for when the forbearance agreement is already in place.
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