What Is Forbearance?
Mortgage forbearance can provide temporary relief for borrowers willing but unable to make loan payments. During forbearance, loan payments remain due but the servicer can permit suspended or reduced mortgage payments for a limited period of time. Forbearance does not erase what you owe! At the conclusion of the forbearance relief period, regular loan payments will resume and borrowers must work with their mortgage servicer to establish a plan to repay the delinquent mortgage payments.
How Do I Find Out If I'm Eligible For Forbearance?
Depending on the kind of loan you have, there may be different forbearance options. You must contact your loan servicer to determine your eligibility and to request forbearance.
Who Is My Loan Servicer?
Your mortgage loan servicer is the company to which you send your house payments every month. To find out who this is, check your mortgage statement or follow the links below for guidance and contact information.
How Do I Request Mortgage Forbearance?
If you are experiencing financial hardship due to the coronavirus pandemic, you may have a right to an initial COVID-19 hardship forbearance. You also may have the right to one or more extensions of that forbearance. Forbearance is not automatic, you must contact your loan servicer to request forbearance.
Once you've determined who your loan servicer is, ask them if your mortgage is eligible for forbearance. Your servicer will discuss any options with you. If your servicer confirms that your loan is not eligible, they are generally still required to discuss other options with you. Follow the links below to learn how COVID-19 impacts the process of requesting forbearance, how to prepare for the conversation with your servicer, and important steps to take after you receive forbearance.
- What You Should Know About Forbearance and COVID-19
- How to Request Mortgage Forbearance
- What to Do After You Receive Forbearance
How Do I Extend My Forbearance?
If you entered into forbearance under the CARES Act and are still facing financial hardship because of the pandemic, you may be eligible for an extension. Extensions and/or deferrals are not automatic and you'll need to talk with your mortgage servicer about your eligibility. Learn more about mortgage relief options and protections here.
What If I'm Not Eligible For Forbearance?
If you don't qualify for mortgage forbearance, there may be other relief available. Talk with your servicer about any alternatives that may be available to you given your specific circumstances. You will also find helpful information in the Homeowner's Guide to Success: What to Do If You Can't Pay Your Mortgage.