Forbearance – Covid-19 Past Due Loans:

Question:  I live in New Jersey or New York. What if my home mortgage is in forbearance?

All loans must be current prior to closing. Lenders require you withdraw from the mortgage forbearance program and make three (3) mortgage payments on time. Your mortgage history must have no late payments in the past 12 months.

I) General Requirement: Missed payments are not "late" if after forbearance.

II) Acceptable Ways to bring Past Due Loans Current:

  • Repayment plan with three payments made
  • Payment deferral with three payments made
  • Modification with three monthly trial payments

III) Forbearance Status: Not required to remove forbearance status provided loan is current and has no missed payments.

IV) Eligibility for Rate/Term after Missed Payments:

Loan must be reinstated or three payments made under a loss mitigation solution (repayment plan, deferral, or modification)

V) Eligibility for Cash Out after Missed Payments:

Same as Rate/Term requirements, no mortgage lates in past twelve (12) payments.

Call us at 800-327-0123 for a New Jersey or New York consultation regarding you specific circumstances.  We may have mortgage options.  Complete our Mortgage Inquiry Form for us to contact you.