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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. 

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What to know about forbearance

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.

What happens after a forbearance plan ends

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 not necessarily all at once. You will not be charged late fees during your forbearance plan as long as you are performing according to the terms of the plan.

Mortgage assistance options are available.

What is a COVID-19 Payment Deferral

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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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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