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In this tutorial, Ron Drescher explains forbearance agreements in the context of loans. A forbearance agreement arises when a borrower defaults on a loan, prompting the borrower to request the bank to halt foreclosure or asset seizure. The borrower may propose to make partial payments or add collateral to secure the loan. In return, the bank agrees to postpone any foreclosure or repossession actions. Drescher notes that banks often impose additional terms as part of the forbearance agreement, which need to be acknowledged by the borrower. These agreements aim to provide temporary relief while working towards resolving the loan issue.
