Updated on February 26, 2021 to reflect new information.
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 June 30, 2021
- VA – Deadline June 30, 2021
- USDA – Deadline June 30, 2021
- Fannie Mae – No deadline at this time
- Freddie Mac – No deadline at this time
Forbearance is not automatic. Homeowners must request forbearance from their mortgage servicer.
If your mortgage is backed by Fannie Mae, Freddie Mac, or the FHA, USDA, or VA, you are entitled to a 180-day extension of your COVID hardship forbearance if you request it.
If you are already in forbearance and need more time
- If your mortgage is backed by Fannie Mae or Freddie Mac: You may request up to two additional three-month extensions, up to a maximum of 18 months of total forbearance. But to qualify, you must be in a COVID forbearance plan as of February 28, 2021, so don’t delay contacting your servicer if you’re having trouble paying your mortgage and are not in a forbearance plan.
- If your mortgage is backed by FHA, USDA, or VA, you may request up to two additional three-month extensions, up to a maximum of 18 months of total forbearance. But to qualify, you must have received your initial forbearance on or before June 30, 2020. Check with your servicer about the options available.
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, Freddie Mac, FHA, USDA, or VA, your lender or loan servicer may not foreclose on your home until after June 30, 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 or a forbearance extension as soon as you need it.
Watch this video with 5 steps to seek help.