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What is Military Forbearance? A forbearance is an agreement between you and your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specific period (usually between 90-180 days) of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current. With a military forbearance, you may qualify for additional benefits such as a longer forbearance period—up to 6 months—and no adverse impact to your credit score (all credit reporting related to your mortgage loan will be suspended during the forbearance period). Additionally, a special hotline has been set up for additional guidance about this option and other mortgage assistance programs—877-MIL-4566. Military Forbearance may be an option if:
How To Use The forbearance calculator is provided to help you understand how you may be able to lower your monthly mortgage payment if a short-term problem is affecting your ability to make payments. Every situation is different and forbearance plans may differ. Your individual situation may greatly impact the amount of your temporary payment reduction. Your mortgage company may use different information to determine eligibility and your individual results may vary from the results shown by this calculator. This calculator can only provide a general overview of your situation based on the information you provide. Any estimated temporary lower monthly payments are based on an average reduction amount and forbearance term. It is very important that you contact your mortgage company or a housing counselor to determine your situation. Contact the Fannie Mae Military Forbearance Support Hotline—Call 877-MIL-4566 (877-645-4566) and tell them you are interested in a Military Forbearance. |
