Is forbearance right for me?
Program goal
The goal of mortgage loan forbearance is to help you get your home loan payments reduced or suspended (typically for up to 90 days) if you're suffering from a temporary financial hardship.
Eligibility
To qualify for forbearance, you must:
have a temporary financial hardship, such as loss of income due to a medical condition or natural disaster
have not missed any mortgage payments prior to your hardship
It’s important to understand that for a mortgage forbearance to take place, the circumstances you’re experiencing must have an end in sight. For example, if you are unable to live in your home because of a flood and you are waiting for an insurance payment to cover the costs of additional living expenses, like staying in a hotel, that is a situation where forbearance may be considered.
If you do receive forbearance assistance, when your situation improves, you will be required to repay the past due amount from the unpaid months of your monthly housing payment (principal, interest, taxes and insurance).
If you are currently unemployed, you may still be eligible for forbearance as part of the federal government's Home Affordable Unemployment Program.
Program at a glance
Step 1: Call us, update us on your current financial situation and submit a Hardship Affidavit. We’ll begin to review your information and check your eligibility.
Step 2: If approved, we will send you a letter outlining the terms of repayment. If you agree to the terms, sign and return a copy of the letter.
Step 3: After your situation has improved, you will be required to repay the past due amount from the unpaid months of your monthly housing payment (principal, interest, taxes and insurance).
Get more details on the steps of the forbearance process.
How do I get started with forbearance?
If you think forbearance may be right for you, contact one of our specialists today.
Collect your financial information
To determine if you’re eligible for forbearance, you’ll be asked for some financial information. So before you call, it is helpful if you have the following ready:
your loan number
the monthly pre-tax income of each borrower on the loan
a description of your hardship
unemployment benefits information (if applicable)
amount of homeowner’s association dues, if applicable
Let us help you
Call us today at:
1.800.669.0102
8am-12am EST Mon-Fri
8am-8pm EST Sat
3pm-12am EST Sun
Call Information Sheet » Opens a New Window.
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
Now that I’m in the process, what’s next?
If you’re already in the process of applying for forbearance, we can help you understand what you need to do next.
I have called and submitted my financial information.
Once you’ve called us, we’ll begin to review your information and check your eligibility. Based on the circumstances of your temporary hardship and your payment history, you may be given forbearance.
It is important to remember that for a forbearance to take place, the circumstances you’re experiencing must have an end in sight—your hardship must be temporary. An example of this would be loss of income due to a medical condition or natural disaster.
I have been approved to receive forbearance.
If approved, we will send you a letter outlining the terms of your forbearance. These may include conditions such as a) suspension of all your mortgage payments for a set period; or b) a temporary reduction of the amount you need to pay. However the solution is structured, you’ll still need to make up the missing amount, so options for repayment include:
making a full amount, one-time payment
adding the past due amount to the back-end of your mortgage, extending the length of your mortgage until the entire balance is paid off
increasing the amount of your monthly mortgage payments until the past due amount is repaid
If you agree to the terms, sign and return a copy of the letter.
My financial situation has improved.
After your situation has improved, your monthly home loan payments will return to their previous amount. You will also need to repay the past due amount according to the payment option you selected as outlined in the terms of repayment letter you received.
Home Loan Assistance Frequently Asked Questions
Forbearance is granted for a set period of time. But in many cases where resolving your hardship is dependent on an outside third-party, like an insurance company or getting hired after a period of unemployment, we may be able to extend the forbearance period to accommodate your situation. The additional missed payments and interest will be added to the total amount you will need to repay.
You may still be eligible to receive forbearance if both your first and second mortgages are with us. If you have your second mortgage with another lender, we may not be able to grant forbearance unless that lender also agrees to forbear the second mortgage payments as well.
