forbearance Archives - Legal Dictionary

Hamer v. Sidway

March 31, 2017 by: Content Team

Following is the case brief for Hamer v. Sidway, New York Court of Appeals,(1891) Case summary for Hamer v. Sidway: Uncle and Nephew entered into a contract in which uncle promised nephew $5,000 if nephew promised to refrain from drinking, smoking and gambling until he reached the age of 21 Nephew lived up to his promise and uncle said he […]

Forbearance

January 25, 2015 by: Content Team

A forbearance is an agreement between a private party borrower and a lender in which the borrower is allowed to postpone payments temporarily due to financial or other hardship. While a loan is in forbearance, the interest on the amount continues to accrue, which increases the amount of the loan, or the amount of payments due when the forbearance comes […]

Foreclosure

November 24, 2014 by: Content Team

Foreclosure is the legal process that involves taking possession of property when a loan borrower fails to make payments to the lender. The lender takes possession of the property and attempts to sell it in order to recover the amount owed by the borrower. Mortgage lenders and lien holders are required to follow certain legal guidelines in order to start […]