Many homeowners now have more time to seek forbearance and avoid foreclosure as deadlines have been extended.
These protections are available to homeowners with mortgages backed by federal government agencies or the government sponsored agencies, Fannie Mae and Freddie Mac.
Forbearance is when a mortgage servicer or lender allows a homeowner to pause or reduce their mortgage payments while they regain their financial footing.
Your deadline to request the initial forbearance for up to 180 days on your mortgage depends on who backs your loan:
- FHA – Deadline Feb. 28, 2021
- VA – Deadline Feb. 28, 2021
- USDA – Deadline Feb. 28, 2021
- Fannie Mae – No deadline at this time
- Freddie Mac – No deadline at this time
You also have the right to an extension of your forbearance for up to 180 days. Forbearance is not automatic. Homeowners must request forbearance from their mortgage servicer.
Foreclosure is when your lender takes back your property after you fail to make required payments on your mortgage.
If you have a mortgage that is backed by Fannie Mae or Freddie Mac, your lender or servicer cannot foreclose on your home until after January 31, 2021.
If you have a mortgage that is backed by FHA, VA, or the USDA your lender or loan servicer may not foreclose on your home until after February 28, 2021.
Get help now
You may still be eligible for forbearance even if your mortgage isn’t backed by one of the government agencies listed above. If you need help, call your servicer to learn what options are available to you.
Don’t wait until the deadline. Ask for mortgage forbearance as soon as you need it.
Watch this video with 5 steps to seek help.