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What You Need to Know After Forbearance Ends


Millions of people have lost their jobs in the last year due to the economic impacts of the COVID-19 pandemic. If you happen to be one of them who has needed to rely on mortgage relief to make financial ends meet during this difficult time, you are not alone.

Government-backed and many privately-owned mortgage servicers have offered forbearance during this time. Government loans, like those owned by Fannie Mae or Freddie Mac, have allowed for a maximum of 12 months of mortgage forbearance through the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Step 1: Determine who owns your mortgage

Understanding who owns your mortgage is important to understanding your rights and responsibilities when it comes to forbearance. If you are unsure who owns your mortgage, ask your lender or look up if it through Fannie Mae here or Freddie Mac here.

Step 2: Decide on your repayment plan

As your forbearance period ends, you have options for repaying the amount you missed while your payments were paused or reduced. To learn more about options such as reinstatement, repayment, and modification, read our blog post on repayment options for when forbearance ends.

Step 3: Protect yourself

Be wary of anything that sounds too good to be true when it comes to financial assistance for your mortgage. There are numerous scam artists out there trying to take advantage of people’s financial hardships. Falling for a scam could mean more financial pain and other serious issues like identity theft.

Protect yourself by being extra cautious when it comes to your financial information and regularly check your credit report to keep an eye out for any errors. As part of the CARES Act, you can pull your credit reports once per week at no charge from Experian, Equifax, and TransUnion. Free weekly credit reports will last through April 2021.

Lastly, if you receive any correspondence from your mortgage servicer, be sure to promptly open and take action if necessary.

As forbearance ends in Florida, it’s important that you know your options and your rights. At Jacobs Legal, we can help you understand your legal responsibilities and help you navigate your options given your situation. For help and to schedule a confidential consultation, contact us today.

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