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How to get help

If you think you might have trouble making a mortgage payment your first call should be to your mortgage servicer (the company that receives your mortgage payments each month). They may be able to arrange temporary mortgage assistance options, including a mortgage forbearance plan.

No matter what the future brings, Fannie Mae will be here to help, providing you with the reliable information you need about forbearance plans and other kinds of mortgage assistance.

If you're a homeowner who is financially impacted by COVID-19, you're not alone. Our Loan Lookup tool can help you see what free resources are available to you.

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What is a forbearance plan?

If you own your home and are experiencing financial hardship as a result of COVID-19, you may be able to receive a forbearance plan.

Entering into a forbearance plan can give you some financial breathing room. A forbearance plan doesn’t erase the amount you owe on a mortgage, but it temporarily suspends or reduces your mortgage payment until your hardship is over. At the end of the forbearance plan, you must repay what you missed, but necessarily not all at once.

Talk with your servicer about your situation, so they can help you and give you the best mortgage relief option for your situation.

If you were current on your loan before you started a forbearance plan or another accommodation covered by the CARES Act, you will be reported as current to the credit bureau as long as you continue to make payments as required by the plan you’re set up in, or as long as no payments are required under the plan. 

Fannie Mae can help you learn more about what to expect on a forbearance plan and when you’re ready to move forward, you can start here.

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Do I have options after forbearance?

A forbearance plan doesn’t erase the amount you owe on a mortgage. At the end of the forbearance plan, you must repay missed amounts, but you are not required to repay it all at once.

About a month before your forbearance plan is scheduled to end, your mortgage servicer (that’s the company you send your monthly mortgage payment to) will contact you to discuss your situation.

Several repayment options are available after forbearance. It’s important to understand the available options and work with your servicer to determine what option is appropriate based on your unique financial circumstances.

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How does a COVID-19 payment deferral work?

Fannie Mae is offering repayment options for homeowners who missed their mortgage payments due to a financial hardship related to COVID-19. In fact, earlier this year, Fannie Mae announced a new COVID-19 payment deferral option.

This payment option defers the amount you owe to the end of your loan term (the maturity date). You will have to pay the missed amount when you make your last loan payment or pay off the balance of the loan (e.g., when you sell or transfer the property or refinance your loan).

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Is selling my home an option?

COVID-19 has caused financial impacts for many households. If this has happened to you, and it has impacted your ability to pay your mortgage, selling your home might be an option you’re considering. When your home is worth more than you owe on your mortgage and other debts secured by the property, the difference is called home equity. Selling a home with equity is an option if you have a financial hardship and can no longer afford the home and can be an alternative to foreclosure. Talk with your servicer as you decide if this is an option you want to pursue.

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Resources

Renting to tenants?

If you own a single-family property that is backed by a Fannie Mae loan and that you rent to tenants, you must provide the tenants with at least 30 days’ notice before you can require them to vacate the property for missed payments. The CARES Act doesn’t relieve tenants of their obligations to pay rent, but we encourage you to work with your tenants to make financial arrangements to help them through this challenging time.

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