virus pandemic Assistance EstaR Mortgage Alameda

Mortgage Forbearance


You may qualify for mortgage relief during the coronavirus pandemic



Important things to know first

For many homeowners with mortgages, there’s help, but first, assess your situation.


If you can pay your mortgage, pay your mortgage.

Don’t call your mortgage servicer if you aren’t facing an immediate issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website first for possible options.

If you can’t pay your mortgage, or can only pay a portion, contact your mortgage loan servicer immediately.

It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic. 

Mortgage forbearance

  • Forbearance is when your mortgage servicer or lender allows you to pause (suspend), or reduce, your mortgage payments for a limited period of time while you regain your financial footing.
  • Forbearance doesn’t mean your payments are forgiven or erased. You are still required to repay any missed or reduced payments in the future.
  • Make sure you understand how the forbearance will be repaid. There can be different forbearance programs or options, depending on the type of your loan.
  • If and when your income is restored, reach out to your servicer and resume making payments as soon as you can, so your future obligation is limited.

Depending on the kind of loan you have, there may be different forbearance options.

For example, if you have a Fannie Mae, Freddie Mac, FHA, VA, or USDA loan, you won’t have to pay back the amount that was suspended all at once—unless you are able to do so.

At the end of the forbearance, your options can include paying all of your missed payments at one time, spread out over a period of months, or added as additional payments or a lump sum at the end of your mortgage.







Source: Consumer Financial Protection Bureau