When forbearance ends, your mortgage payments will need to resume. If you are unable to resume making your mortgage payments, you can ask for forbearance extension.

#forbearanceends #mortgagepayments #reinstatement

If you have a federally backed mortgage, your path to reinstatement is pretty well defined. Over 70% of mortgages in the market today are federally backed.

🇺🇸 FHA, VA and USDA loans are covered under the CARES Act
🇺🇸 Fannie & Freddie backed loans are covered under the CARES Act

FHFA, which covers Fannie and Freddie backed loans, is offering a COVID-19 Payment Deferment option as part of the forbearance workout waterfall. This is by far your best-case scenario.

Don't be surprised if payment deferment is not the first option you're offered. We've heard this more than once from homeowners on [ Ссылка ]

You are most likely to be asked:

- Can you make all of the skipped payments at once? (you cannot be required if federally backed)
- Can you make increased payments for the next 12 months to make it

Understanding your options Empowers you to recognize if your servicer is not offering you all of the options you are entitled to during this national emergency.
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NEXT STEPS: Get Prepared | Be Empowered

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