Note: Some of the options listed below may be subject to qualification and eligibility.

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Investor of Fannie Mae or Freddie Mac

If you are able to resume your payments but are not able to pay the past due amount, you may be eligible for a Repayment Plan or a COVID-19 Payment Deferral. Here are the details of each option:

Repayment Plan. Gradually catch-up on the past-due amount over an agreed-upon time frame by adding a portion of the past due amount to your existing monthly mortgage payments. Upon completion of the repayment plan, you would continue paying your mortgage under the terms originally agreed to before the forbearance.

COVID – 19 Payment Deferral. This would postpone payments that have been suspended as a result of the forbearance. The deferred amount would then become due at the earliest of these events: the mortgage maturity date, payoff date, or upon sale of the property. As a note, if you have unpaid escrow amounts, the taxes and insurance amount of your payment may increase.

 

FHA Loans

If you are able to resume payments but cannot pay the past due amount, you may be eligible for a Repayment Plan or a Stand-Alone Partial Claim.

Repayment Plan. Gradually catch-up on the past-due amount over an agreed-upon time frame by adding a portion of the past due amount to your existing monthly mortgage payments. Upon completion of the repayment plan, you would continue paying your mortgage under the terms originally agreed to before the forbearance.

Stand Alone Partial Claim. This may be available to you if you occupy your home, can resume making payments, and your account was current or less than 30 days past due as of March 1, 2020. A partial claim is a no payment/no interest junior loan secured by your property and becomes due in full at the earlier of the mortgage maturity date, payoff date, or upon transfer or sale.

 

VA Loans

If you are able to resume payments but cannot pay the past due amount, you may be eligible for a Repayment Plan or a Disaster Loan Modification.

Repayment Plan. Gradually catch-up on the past-due amount over an agreed-upon time frame by adding a portion of the past due amount to your existing monthly mortgage payments. Upon completion of the repayment plan, you would continue paying your mortgage under the terms originally agreed to before the forbearance.

Disaster Loan Modification. This program will modify your mortgage so that your payments or terms are more manageable. Although your loan terms may change, the target is for your pre-modification P&I payment to stay the same.

 

USDA Loans

If you are able to resume payments but cannot pay the past due amount, you may be eligible for a Repayment Plan or a Disaster Term Extension, a Disaster Capitalization Extended Term Modification or a Disaster Mortgage Recovery Advance.

Repayment Plan. Gradually catch-up on the past-due amount over an agreed-upon time frame by adding a portion of the past due amount to your existing monthly mortgage payments. Upon completion of the repayment plan, you would continue paying your mortgage under the terms originally agreed to before the forbearance.

Disaster Term Extension. This option moves the past due payments to the end of your loan and extends the maturity date by the number of months of your forbearance. This option will also waive the past-due interest.

Disaster Capitalization and Extended Term Modification. This option allows you to modify your mortgage so that your payments or terms are more manageable. Your loan terms may change as the target is for your pre-modification principal and interest payment to stay the same.

Disaster Mortgage Recovery Advance Option. This may be available to you if you occupy your home, can resume making payments, and your account was current or less than 30 days past due as of March 13, 2020. A partial claim is a no payment/no interest junior loan secured by your property and becomes due in full at the earlier of the mortgage maturity date, payoff date, or upon transfer or sale.

 

Other Investors

If you are able to resume your payments but are not able to pay the past due amount, you may be eligible for a Repayment Plan or a Streamline Deferral. Here are the details of each option:

Repayment Plan. Gradually catch-up on the past-due amount over an agreed-upon time frame by adding a portion of the past due amount to your existing monthly mortgage payments. Upon completion of the repayment plan, you would continue paying your mortgage under the terms originally agreed to before the forbearance.

Streamline Deferral. This would postpone payments that have been suspended as a result of the forbearance. The deferred amount would then become due at the earliest of these events: the mortgage maturity date, payoff date, or upon the sale of the property. As a note, if you have unpaid escrow amounts, the taxes and insurance amount of your payment may increase.