Forbearance
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.
| Standard Forbearance | Disaster Forbearance | |
|---|---|---|
| Occupancy Type | Primary residence | All occupancy types |
| Maximum Forbearance Term | 1-3 months per increment | 1-3 months per increment |
| Delinquency Requirements | Total delinquency may not exceed 12 months | Total delinquency may not exceed 12 months |
| 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. |
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