Manage your money during forbearance
- English
- Español
While your loan is in forbearance, it is important to monitor your loan and be ready to act when the end of the forbearance period nears.
Stop or change auto-payments for your mortgage
If you are having your mortgage payment deducted automatically from your bank account, make sure you make any necessary adjustments to avoid fees or charges.
Confirm your property taxes and insurance are being paid
Your property taxes and insurance should continue to be paid by your servicer if your mortgage has an escrow account, but you might want to confirm that with your servicer. If your mortgage does not have an escrow account, you are responsible for paying property taxes and insurance payments. You are responsible for paying any Homeowners Association (HOA) or condo fees during forbearance.
When you leave forbearance, your escrow account may have a shortage due to the payments that weren’t made. Your monthly mortgage payments may go up after your forbearance if you have a shortage, so discuss potential options with your servicer.
Pay attention to your monthly mortgage statement
Continue monitoring your monthly mortgage statements to make sure you don’t see any errors.
Keep an eye on your credit
It’s a good idea to routinely check your credit reports to make sure there are no errors or inaccuracies. You can check them weekly for free at AnnualCreditReport.com . If you find an error, you can dispute it.
Your mortgage servicer can tell the credit reporting companies that your account is in forbearance. However, if you were otherwise current on your account, your servicer or creditor must report your account as current. If you stop making mortgage payments without a forbearance agreement, the servicer reports this information to the credit reporting companies, and it can have a lasting negative impact on your credit history.
What to do next
Before your mortgage forbearance period ends, you need to make arrangements to repay any missed payments. But if you already have a forbearance plan and need more time, you can request an extension.
Get expert help
Talk to a housing counselor
For help talking to your mortgage servicer or understanding your options, contact a HUD-approved housing counseling agency in your area. Housing counselors can develop a tailored plan of action and help you work with your mortgage company, at no cost to you.
Talk to a lawyer
If you need a lawyer, there may be resources to assist you, and you may qualify for free legal services through legal aid. If you’re a servicemember, you should consult with your local Legal Assistance Office .
Submit a complaint
If you have a complaint with your mortgage or forbearance plan, tell us about your issue—we'll forward it to the company and work to get you a response, generally within 15 days.