What is Forbearance?
Forbearance is a relief option for borrowers experiencing a short-term or long-term hardship. There are different types of forbearance plans available depending on the borrower’s hardship.
All forbearance plans consist of a written agreement that allows the borrower to skip or reduce their monthly mortgage payment for a specified period of time.
|Forbearance plans||Standard Forbearance||Disaster Forbearance||COVID-19 Forbearance|
|Occupancy Type||Primary residence||All occupancy types||All occupancy types|
|Length of Forbearance Period||Up to 12 months delinquency||Up to 12 months||Up to 12 months. Extensions in up to a total of 18 months are available for borrowers who were on a COVID-19 forbearance plan before March 1, 2021 and have not resolved their hardship.|
|Delinquency Requirements||Total delinquency may not exceed 12 months||Total delinquency may not exceed 12 months||Maximum term of 18 months or maximum delinquency of 18 months, whichever is shorter|
|Borrower Contact Requirements||QRPC required||Servicer has the option to grant 90-day non-QRPC forbearance if loan in eligible disaster area AND becomes delinquent after disaster.||QRPC required|