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Going into mortgage forbearance might seem daunting for homeowners facing unexpected hardship, but it’s really meant to be a lifeline in those exact situations. Understanding the basics of this type of mortgage relief might help alleviate some of the worry.
Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback. This can help protect struggling borrowers from becoming delinquent with payments, as well as avoid foreclosure.
Keep in mind: Whatever your reason for needing forbearance, it's extremely important to talk to your lender or servicer before you stop making payments.
Find out from your lender or servicer which type of loan you have and what the forbearance terms are. Stopping payments before you’ve officially been granted forbearance could make you delinquent on your mortgage and have a serious negative impact on your credit history.
The only way to know if you are eligible for mortgage forbearance is to get in contact with your lender or servicer. Unless you’re in a disaster or emergency situation, be prepared to demonstrate proof of financial hardship and comply with all of your lender’s forbearance requirements.
Mortgage forbearance does not show up on your credit report as a negative activity; your lender or servicer will report you as current on your loan even though you’re no longer making payments.
Again: You must be in touch with your lender about going into forbearance. Do not stop making payments until you’ve been officially extended that protection. Stopping payments before you’re in forbearance will seriously harm your credit.
Mortgage forbearance itself doesn’t usually change the amount of interest you pay on your mortgage and the interest rate for the loan. They remain the same — whatever was stipulated in your original mortgage agreement.
The only situation in which the interest might change is if the lender extends the loan maturity date (which affects your amortization schedule and thus the amount of interest you pay overall) or increases the interest rate, says Andrew Demers, partner and real estate lawyer at Foster Graham Milstein & Calisher in Denver. To get a sense of that and the total costs, Demers points out it’s critical for borrowers to understand the payment terms of the forbearance and ask questions, including:
Yes. If your mortgage is in forbearance, refinancing is typically not allowed.
Depending on the type of mortgage you have, however, there are steps that can be taken to refinance, after your forbearance ends. If you have a Fannie Mae or Freddie Mac-backed mortgage, you will be required to take your mortgage out of forbearance and make three payments before being allowed to refinance. Similarly, if you have an FHA or USDA loan, you must leave the forbearance program and make three consecutive payments before being considered for refinancing. VA loans may be eligible for refinancing if you can show lenders that your financial situation has improved.
If you’re ready to proceed with seeking mortgage forbearance, you’ll need to take these steps:
