Forebearance Agreement - letter format

This Forbearance Agreement in Letter Format will prevent a creditor from receiving immediate payment on indebtedness. This agreement sets out the name of both creditor and debtor, amount of debt and calculated interest and steps the debtor is taking to repay the debt. It also sets out a new repayment schedule, the balance due after all payments are made and if a subordination agreement should be entered into by any shareholders of debtor. It is imperative that this agreement be clearly understood and set out in writing. (continued ...)