Forbearance Guidance

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?

You must contact your loan servicer to request forbearance. Depending on the kind of loan you have, there may be different forbearance options.

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 have not yet requested forbearance, you may still have time to do so. The Federal Housing Administration extended through February 28, 2021, the deadline for single family borrowers with FHA-insured mortgages to request an initial COVID-19 forbearance from their mortgage servicer to defer or reduce their mortgage payments for up to six months, which can be extended for an additional six months. 

Once you've determined who your loan servicer is, ask them if your mortgage is covered by the CARES Act. Homeowners with FHA-insured single family mortgages may be eligible for special COVID-19 mortgage relief. Click here for more information. Your servicer will discuss any options with you. If your servicer confirms that your loan is not covered under the CARES Act, they are generally still required to discuss relief 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.  ​​​​​​

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 are entitled to ask for and receive an extension. Extensions are not automatic and you'll need to talk with your mortgage servicer about your eligiblity. For more information, click here.

What If I'm Not Eligible For Forbearance?

If you don't qualify for mortgage forbearance, there may be other relief available. Click on the links below for a list of mortgage relief programs available in Alaska, as well as advice for homeowners struggling to make their monthly payments.