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In your letter, you should affirm and attest that you are suffering a financial hardship caused by the COVID-19 emergency. I would include an explanation of what has changed in your financial situation that has made it difficult or impossible for you to make your monthly mortgage payments, Sharga recommends.
Who is eligible for forbearance?you experience financial hardship directly or indirectly due to the coronavirus pandemic, and.you have a federally backed mortgage, which includes HUD/FHA, VA, USDA, Fannie Mae, and Freddie Mac loans.
Applying for ForbearanceSpeak to your loan servicer to arrange a forbearance. Your loan servicer representative will supply you with a forbearance request form and tell you what documents you need to show your eligibility. Submit your completed form and supporting documentation to your loan servicer.
Mortgage servicers generally cannot ask for proof of hardship. You can ask for forbearance and tell your servicer that you are going through a financial hardship because of the pandemic. If you have a federally backed loan, the mortgage servicer is not permitted to ask you for proof of hardship.
In a forbearance agreement, the loan owner ("lender") agrees to reduce or suspend your payments for a set amount of time. With a repayment plan, the lender temporarily increases your monthly payment by adding part of the overdue amount to your current payments so that you can get caught up on the loan.