Here to Help

COVID-19 has upended everyday life for almost everyone in America. You could be one of the tens of millions of Americans who are wondering if they’ll be able to make their mortgage next month. Amid the uncertainty, you can always turn to Fannie Mae as a home for help and a source of reliable information about all your options for relief.

There are several important things you should know about forbearance plans:

A forbearance plan is a temporary reduction or suspension of your mortgage payments. Entering into a forbearance plan can give you some financial breathing room.

If you own your home and are experiencing financial hardship as a result of COVID-19, you may be able to receive a forbearance plan.

A forbearance plan doesn’t erase the amount you owe on a mortgage. At the end of the forbearance plan, you do have to repay what you missed, but you do not have to repay it all at once. Mortgage assistance options are available. You will not be charged late fees during your forbearance plan as long as you are performing according to the terms of the plan.

Contact your mortgage servicer to get started and to learn about other options for mortgage assistance.

Fannie Mae can help you learn more about what to expect on a forbearance plan and when you’re ready to move forward, you can start here.

Credit Bureau Reporting

It’s also helpful to know that the rules about credit bureau reporting for loans in a forbearance plan have changed for those facing hardship due to COVID-19.

What that means for you is that if you were current on your loan before you started a forbearance plan or another accommodation covered by the CARES Act, you will be reported as current to the credit bureau as long as you continue to make payments as required by the plan or as long as no payments are required under the plan.

Options after a COVID-19 Hardship

You have several different options for a COVID-19 related hardship, including options after exiting a forbearance plan. The key thing to remember is that there are options other than paying your missed payments all at once. Your options include:

  • Reinstating your loan, which means that, if you are in a financial position to do so, you will pay back any missed amounts at once. After you reinstate, you can continue to pay your mortgage under the original terms of your mortgage loan.
  • A repayment plan which allows you to spread out the missed amounts over a period of time. You will have to make monthly repayment plan payments in addition to your existing monthly mortgage payments.
  • A COVID-19 payment deferral may be available if you can resume your monthly mortgage payments but cannot afford a full reinstatement or a repayment plan. With this solution, the missed amounts are added as a non-interest-bearing balance that is due at maturity or the earlier of the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing balance.
  • A loan modification is another form of mortgage assistance, if you have experienced a permanent impact to your ability to pay your original monthly mortgage payment. After you make several payments under a trial period plan, your monthly mortgage payments will be permanently modified to what may be a lower amount through a rate reduction and a term extension to 40 years (480 payments) from the effective date of the modification. By extending your term, your payment may be reduced, but you may pay more total interest because the loan is extended over a longer period of time. Your mortgage servicer will reach out to discuss your situation and evaluate potential solutions.

Even if you have missed payments but have not received a COVID-19 related forbearance plan, you may still be eligible for mortgage assistance. If you are on a forbearance plan, your servicer will attempt to contact you about 30 days prior to the end of the forbearance plan.

How you can get help

With everything happening so quickly, it can be hard to know what to do first.

If you think you might have trouble making a mortgage payment, your first call should be your mortgage servicer.

Your mortgage servicer is the bank or company that you make your mortgage payments to each month. It may help to have all your financial information including your account number when you call.

No matter what the future brings, Fannie Mae will be here to help, providing you with the reliable information you need about forbearance plans and other kinds of mortgage assistance.

Fannie Mae’s Disaster Response Network

If you have a Fannie Mae Loan, our Disaster Response Network (DRN) can assist if you have been affected by hardships related to COVID-19. The DRN provides trained financial counselors to work with you to create a workable budget based on your present financial situation and assist in explaining options including obtaining unemployment benefits and any kind of mortgage help that may be available.

Learn more

What you need to know if you rent to tenants

Tenant Protections under the CARES Act: The CARES Act provides Americans with various forms of relief from difficulties related to COVID-19, including housing hardships. If you own a single-family property that is backed by a Fannie Mae loan and that you rent to tenants, you must provide the tenants with at least 30 days’ notice before you can require them to vacate the property for not making their rent payment. Although the CARES Act doesn’t relieve tenants of their obligations to pay rent, we encourage you to work with your tenants to make financial arrangements to help them through this challenging time.


Fannie Mae’s Disaster Response Network

If Fannie Mae owns your mortgage, our Disaster Response Network can offer guidance on staying in your home.

Loan Lookup Tool

This simple tool can help you find out if Fannie Mae owns your mortgage. If Fannie Mae owns your mortgage, our Disaster Response Network can help you stay in your home.

Federal Housing Finance Agency

The FHFA site can keep you updated on COVID-19 related changes across the mortgage industry.