Foreclosure & Forbearance Guidance
The information on this page summarizes current federal foreclosure protections, explains how forbearance works and how to request it, and provides resources for homeowners on how to keep up on their mortgage payments.
Foreclosure Relief for All Federally or GSE-Backed Mortgages
Under the CARES Act, and guidance from federal agencies and the GSEs, there are two protections for homeowners with federally or GSE-backed (Fannie Mae or Freddie Mac) or funded mortgages.
If you have been financially impacted by COVID-19 and your loan is federally or GSE-backed, your lender or loan servicer may not foreclose on you until at least December 31, 2020. Specifically, the CARES Act and the guidance from the GSEs, FHA, VA, and USDA prohibit lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale. This protection began on March 18, 2020, and extends through at least December 31, 2020. Note that some exceptions exist — if the property has been abandoned, for example.
Understanding Forbearance and How to Apply
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.
If you have a mortgage which is underwritten by Alaska Housing, you may be eligible for mortgage forbearance. For other mortgages, you may have relief options through your servicer. There are also many mortgage relief programs available for Alaskan homeowners. Follow the links below for more information.
- What You Should Know About Forbearance and COVID-19
- How to Request Mortgage Forbearance
- What to Do After You Receive Forbearance
forbearance for Federally or GSE-backed Loans
If you have been financially impacted by COVID-19 and your loan is federally or GSE-backed, you may request and obtain a forbearance for up to 180 days. You also may request and obtain an extension for up to another 180 days (for a total of up to 360 days). You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship. Some federally-backed mortgages have a December 31, 2020 deadline for requesting an initial forbearance. If you are facing financial hardship, you should ask for forbearance immediately.
How to Contact Your Mortgage Servicer
Your mortgage servicer is the company to which you send your house payments every month. If you're unsure, check your mortgage statement or follow the links below for guidance and contact information.