CMIC [Internet]; Aug 9, 2016 [cited 2016 Aug 9]. Available from: http://www.allacronyms.com/CMIC. 'CMIC', All Acronyms, 9 August 2016, <http://www.allacronyms.com/CMIC> [accessed 9 August 2016] All Acronyms, CMIC (Aug. 9, 2016, 2:08 AM), available at http://www.allacronyms.com/CMIC.
Defeasance is a substitution of collateral. The borrower uses proceeds from a refinance or sale to purchase a portfolio of securities that is sufficient to make the remaining debt service payments required by the loan. The securities are pledged to the lender who releases the real estate from the lien of the mortgage.
FORBEARANCE, n. 1. The act of avoiding, shunning or omitting; either the cessation or intermission of an act commenced, or a withholding from beginning an act. Liberty is the power of doing or forbearing an action, according as the doing or forbearance has a preference in the mind.