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Homeowners

Help is Available in Times of Financial Hardship Due to COVID-19 Forbearance

Get help in times of financial hardship due to COVID-19: Mortgage Forbearance

PDF iconFact sheet (English)    PDF iconFact sheet (en Español)

Forbearance helps with short-term hardships by reducing or suspending mortgage payments while you regain financial footing.

How do I get started?

1. Contact your servicer

Your servicer is the company that you pay your mortgage to each month. If you are experiencing a financial hardship related to COVID-19, let your servicer know.

You can also visit KnowYourOptions.com to learn more about forbearance and get details about what it means.

2. Request forbearance

Work with your dedicated servicing representative to evaluate your options and identify the best forbearance approach for your situation.

You will get a copy of your forbearance plan terms in writing from your servicer.

3. Choose repayment program

Your servicer will contact you about 30 days before your forbearance plan is scheduled to end and work with you to determine the best plan to repay the amount you owe.

4. Resume mortgage payment

At the end of your forbearance, you must repay your missed payments, but you have options. You can choose to do one of the following:

  • Reinstate (pay the total amount due all at once at the end of forbearance).
  • Repay forbearance amount (in addition to your normal monthly payments) over the course of up to 12 months.
  • Defer payments (add missed payments to the end of the loan). If eligible, using the COVID-19 Payment Deferral will allow you to keep making regular monthly payments until you pay off or refinance your mortgage or sell your home (at which point, the total unpaid forbearance amount is due).
  • Modify your loan (permanently change some of the terms to make payments affordable).