Respuesta :
According to the rule of forbearance, if a promises performance was rendered before the promisor's promise was made, then it can never serve as consideration, even though it may meet the "legal value" part of the test.
What is forbearance?
Forbearance means a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is "holding back. Examples of the types of forbearance which lenders may potentially consider include: A full moratorium on payments, Reduced payments:, Above Interest-Only (termed Positive-Amortising), Below Interest-Only (Negative-Amortising), Interest Only, Reduced interest rate, Split Mortgage.
The term 'forbearance' is addressed by different names in different countries. The norms of a foreclosure agreement also vary. For example, in Australia, banks offer 'hardship variation' to borrowers struggling financially. Borrowers can ask their lenders to make changes to the terms of their loans.
"Borrowers can either opt for a short-term relief by having their mortgage payment suspended for a short period of time (known as forbearance in the U.S.), or they can apply for reduced payments over the life of the loan's term (known as loan modification in the U.S.). Lenders are required to give a particular reason as to why an application for hardship variation was being turned down by them. Borrowers are encouraged to talk to their internal complaints section of their respective bank or file a dispute". "In many nations, banks typically allow temporary interest-only payments rather than suspending the full amount of the installment. The Bank of Spain he country's de facto bank – discourages banks from keeping mortgages in arrears. For that reason, banks are not required to offer any relief to borrowers. Banks can repossess properties without agreeing to changes in terms of the loan that might help a customer."
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