Mortgage forbearance and eviction extensions run through September 2021

But there are hundreds of thousands of additional homeowners who may qualify for relief.

A2020 Urban Institute surveyfound that approximately 530,000 delinquent homeowners had not requested forbearance relief – despite being eligible.

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Why?

Others may have had difficulty connecting with their loan servicer.

The CARES Act’s homeowner protections were set to expire at the end of June 2021.

But the US Federal Housing Administration hasannouncedrevisions tomeasuresfor struggling homeowners.

Read on to learn everything it’s crucial that you know about mortgage forbearance and the new extensions.

Entering into forbearance allows you to hit pause on making your monthly mortgage payment.

On June 25, the US Federal Housing Administration announcedforbearance relief options.

The new guidelines have extended the deadline for first-time COVID-19 forbearance requests.

Homeowners who have not previously been in forbearance can now request assistance until Sept. 30, 2021.

The table below summarizes your options based on the forbearance period start date.

you’ve got the option to find more details about COVID-19 ALM processhere.

If Fannie Mae or Freddie Mac services your loan, there are also ways to lower your monthly payment.

For clients who don’t qualify for loan refinancing, Howland recommends loan deferral.

Although the rules vary by state, a servicer usually must notify a borrower before they begin foreclosure proceedings.

If you have exhausted your forbearance options, your servicer will help you choose an exit strategy.

You may also want to review the agreement with your housing counselor or attorney.

Your options for exiting forbearance depend on the pop in of mortgage you have and your financial stability.

Options across all loan types are below.