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Allison Martin is a contributor to Bankrate covering personal finance, including mortgages, auto loans and small business loans. Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com. Martin, a Certified Financial Education Instructor (CFE), also shares her passion for financial literacy and entrepreneurship with others through interactive workshops and programs.
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Kenneth Chavis IV is a senior wealth counselor at Versant Capital Management who provides investment management, complex wealth strategy, financial planning and tax advice to business owners, executives, medical doctors, and more.
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Mortgage forbearance gives borrowers experiencing financial hardship a temporary break from making payments. If you’re considering asking for forbearance — or nearing your mortgage forbearance end date — it’s important to know your options when payments kick back in.
An initial mortgage forbearance period can last from three to six months — more likely six, now that the pandemic protections have expired. Beyond that, you’ll need to ask your lender for a forbearance extension. Most loans can go into forbearance for up to 12 months, some even longer.
When did COVID-19 forbearance end?President Joe Biden signed a bipartisan congressional resolution to end the nation’s COVID-related public health emergency in April 2023. Biden’s signature initiated the end of the mortgage forbearance programs.
If you’ve reached your mortgage forbearance end date, you can request an extension, make a payment, modify your loan or sell your home. Here’s what those options look like:
If you are still struggling financially when the first forbearance period ends, here’s what you can do:
Ask your servicer if you can defer any missed payments until you sell your home or refinance your mortgage. By doing so, you will simply pay off what you owe when the mortgage ends.
Most mortgage borrowers aim to weather the storm of financial difficulties and stay in their homes. In such cases, there are many options for addressing short-term cash issues and figuring out how to stay in place.
Keep in mind that forbearance is not loan forgiveness but a form of temporary relief to help you remain in your home. You’ll eventually need to repay the skipped payments. Most lenders give you these options:
Depending on your lender, you might be eligible for a loan modification. This involves permanently changing your mortgage terms, like the repayment period, interest rate or principal balance, to make the monthly mortgage payments more affordable. If the lender agrees to modify your loan once your forbearance ends, you’ll have to resume payments.
To request a loan modification, you’ll need to:
If you’re open to relocating, selling your home could be a way to avoid foreclosure.
“A lot of these borrowers have equity in their homes, so they can sell their current houses and use that equity to help pay off their existing mortgage and possibly fund a down payment on a cheaper house or at least put some money into savings after the sale,” says Marina Walsh, vice president of Industry Analysis at the Mortgage Bankers Association.
“Another option if they don’t want to proceed with the foreclosure route and they’re willing to move, there are programs like Cash for Keys, in which the lender assumes the title of the home, but might provide the borrower with some relocation assistance to help them settle in a new, more affordable housing situation,” says Walsh, adding that a borrower and their lender might also consider a short sale. That’s when you sell your home, and even if the proceeds are not enough to pay off the full mortgage, the difference is essentially forgiven.
Keep in mind: There are also HUD-certified counselors or other housing advocacy groups in your area who can help you decide which post-forbearance plan is best for you.
Another possibility: Refinance your loan to a new one with a lower, more manageable payment. This isn’t always feasible, however, especially because you were struggling financially to begin with. However, you might be able to get a low-cost refinance to help cut costs. You will need to have at least a 620 credit score and enough equity in your home, usually 20 percent, to qualify for a refinance.
In addition, you typically cannot apply for a refinance immediately after coming out of forbearance. Many lenders require what is known as a “waiting period” after forbearance before they will approve a refinance. The length of the waiting period varies by your loan type and lender, so be sure to reach out to your lender about its requirements for refinancing after forbearance.
For those who have an FHA loan, there are other options to consider once the forbearance period ends. For instance, you may be able to qualify for the Advance Loan Modification program. Through this program, homeowners can receive a permanent change to some mortgage terms, including reducing their monthly principal and interest payments by at least 25 percent.
FHA loans are also eligible for a Standalone Partial Claim. This approach is designed for homeowners who can resume payments, but cannot repay the missed payments. The owed mortgage payments are rolled into a zero-interest second lien on the home that you do not need to repay until you make your last mortgage payment. In addition, if you sell the property or refinance, you must repay the second lien at that time.
Yes. If you don’t think you’ll be able to afford your current mortgage payment in the long term, one option is to sell your home and buy a newer, less expensive house.
No. Your lender will hold you responsible for making up all payments you missed during forbearance, so mortgage forbearance cannot be forgiven.
Arrow Right Contributor, Personal Finance
Allison Martin is a contributor to Bankrate covering personal finance, including mortgages, auto loans and small business loans. Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com. Martin, a Certified Financial Education Instructor (CFE), also shares her passion for financial literacy and entrepreneurship with others through interactive workshops and programs.
