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HUD Partial Claim: HUD’s COVID-19 Standalone Partial Claim is a no interest, junior loan secured by your property.

You will be responsible for paying the past-due amounts upon the maturity date of the mortgage or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance.

Deferment: A payment deferral may bring your mortgage current and delays repayment of certain past-due monthly principal and interest payments.

A modification may involve a change in your interest rate, an extension of the time for repayment, a change in the principal balance, or any/all of these options.

Loan Modification: A modification would permanently change the terms of your mortgage to bring your account current.

These payments would be in addition to your normal monthly payment.

Repayment Plan: A repayment plan is a structured way to make up your missed mortgage loan payments over a certain period of time.An Additional Forbearance: You may be able to continue the forbearance for an additional period of time.Additional options to assist you in addressing the delinquency after the forbearance period may include: What happens at the end of the forbearance?Īt least thirty (30) days prior to the end of your forbearance period, we will contact you to discuss your current circumstances and all resolution options that are available to you. You may also be eligible for a forbearance if you are in an active Chapter 13 bankruptcy payment plan or if you previously received a discharge from personal liability and you have made voluntary mortgage payments following that discharge. You may be eligible for a forbearance even if you are already delinquent on your payments. Foreclosure proceedings will not be initiated and existing foreclosure processes, including sales, are placed on hold.No negative credit reporting during the forbearance period.If and when your income is restored, contact us and resume making payments as soon as you can so your future obligation is limited.ĭuring the forbearance period, you will also receive the following benefits:.We will work with you, subject to applicable law and investor guidelines, to identify loss mitigation options to avoid a lump sum payment. You are still required to repay any missed or reduced payments in the future. Forbearance doesn’t mean your payments are forgiven or erased.A forbearance plan allows borrowers experiencing a temporary hardship to make a reduced mortgage payment or no mortgage payment for a limited period of time while you regain your financial footing.