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While the coronavirus (COVID-19) national emergency declaration was in place, homeowners with federally backed mortgage loans who had been financially affected by COVID-19, regardless of delinquency status, could get a forbearance. A Coronavirus Aid, Relief, and Economic Security (CARES) Act forbearance, sometimes called a "COVID-19 forbearance," lasted 180 days (six months). Borrowers sometimes could get an additional 180 days, sometimes more. The right to this type of forbearance applied to borrowers with federally backed mortgage loans living in properties designed for the occupancy of one to four families, like single-family homes. To get a forbearance, you had to contact your loan servicer by the deadline and affirm that you'd suffered a financial hardship due to the coronavirus national emergency. The Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac, the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) set deadlines for getting a forbearance. The deadlines to get a COVID-19 forbearance have passed.
The deadline to request a forbearance for a mortgage on a one- to four-unit home differed based on what governmental entity backs the loan.
Fannie Mae and Freddie Mac didn't issue guidance giving a deadline to request an initial forbearance. The most-recent guidance from Fannie Mae (Lender Letter LL-2020-02 ) says that its forbearance policies are "effective immediately and are effective until Fannie Mae provides further notice, unless otherwise stated." Similarly, Freddie Mac's issued Bulletin 2020-4 states that the forbearance plan guidelines announced in the bulletin are effective immediately. The bulletin also says, "Freddie Mac will continue to monitor the situation and may revise or revoke this temporary guidance at any time, as appropriate."
So, it was initially unclear exactly how long borrowers got to request forbearances for Fannie Mae and Freddie Mac mortgage loans. Ultimately, borrowers could request a CARES Act forbearance up until the coronavirus national emergency declaration expired on May 11, 2023.
Even though the right to get a COVID-19 forbearance has expired, be aware that Fannie Mae and Freddie Mac offer six-month forbearances (plus up to six additional months of forbearance in some cases) to borrowers who meet eligibility requirements.
Borrowers with Fannie Mae and Freddie Mac-backed loans could extend their forbearances for another three months after the initial 180-day forbearance and 180-day extension expired. To get the forbearance extension, borrowers must have had a COVID-19 forbearance plan in place on or before February 28, 2021, and other limits applied.
In addition, a COVID-19 payment deferral could cover missed payments. With a deferral, borrowers repay the skipped payments when the home is sold, refinanced, or at mortgage maturity.
Under FHA's guidelines, you had to ask for an initial COVID-19 forbearance by May 31, 2023. Also, a COVID-19 forbearance period couldn't extend beyond November 30, 2023.
The VA and the USDA announced that if your loan is VA-guaranteed or a USDA direct loan, you had to request an initial COVID-19 forbearance before the COVID-19 national emergency ended. ( In addition to CARES Act forbearances, the USDA also offered year-long forbearances to direct home loan borrowers who the coronavirus crisis has impacted.)
For FHA-insured loans, if the initial forbearance date was March 1, 2020 to June 30, 2020, you could get two six-month forbearances and two additional three-month forbearances. If the initial forbearance date was July 1, 2020 to September 30, 2020, you could get a three-month extension after the initial two 180-day periods. If the initial forbearance date was October 1, 2020 to June 30, 2021, you could only get two six-month forbearance periods. And you could get a six-month forbearance and six-month extension if your initial request was made between July 1, 2021, and September 30, 2021. If you requested an initial 180-day forbearance on or after October 1, 2021, you could get an additional six months if the forbearance was exhausted and expired before the end of the declared COVID-19 national emergency on May 11, 2023.
The VA announced that borrowers with FHA-insured loans could get up to six months of additional mortgage payment forbearance in three-month increments if they entered a forbearance on or before June 30, 2020.
USDA announced that t he initial forbearance period may be up to 180 days, and a borrower may request an extension of up to an additional 180 days. Borrowers who received an initial CARES Act forbearance could be granted up to two additional three-month payment forbearances. The borrower had to request each extension individually.
To get information about your mortgage rights, including ways to avoid foreclosure, consider talking to a foreclosure attorney or a HUD-approved housing counselor . A HUD-approved housing counselor can provide helpful information (at no cost) about different ways to deal with your mortgage debt and prevent a foreclosure.