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Making your mortgage payment in times like these can be challenging, and many fear getting behind. What should a homeowner do if it appears that a late or missed home loan payment is on the horizon?

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

What to Do if You Fall Behind on Your FHA Home Loan During the Coronavirus

March 19, 2020

What to Do if You Fall Behind on Your FHA Home Loan During the Coronavirus
The global pandemic involving COVID-19 and the coronavirus has had a major economic impact; mortgage rates have fluctuated wildly, the Fed has made multiple rate cuts, and waves of furloughs.

Making your mortgage payment in times like these can be challenging, and many fear getting behind. What should a homeowner do if it appears that a late or missed home loan payment is on the horizon?

Contact Your Loan Officer Immediately

The moment you know your income is affected by a coronavirus-related problem call your lender and discuss loan modification and other options that may be available to you.

Do Not Delay

Call your lender BEFORE you miss a payment or have to send in a late payment. The way foreclosure avoidance programs work, the most options and the most flexible options are open to those who act quickly. But the more payments you miss, the fewer and less flexible your options are.

If you miss too many payments, you may have no options other than eviction and foreclosure. Do not delay in contacting your lender.

FHA Assistance

The FHA has ordered a 60-day foreclosure moratorium effective March 18, 2020 and expiring 60 days from then, unless the agency extends it. This moratorium is effective for FHA mortgages and FHA reverse mortgages (FHA HECM loans). However, foreclosure relief is NOT automatic and this moratorium does nothing to help a borrower avoid loan default and foreclosure. That is up to the borrower to contact the lender and make arrangements.

What You Will Need to Get Foreclosure Relief

To get foreclosure relief, you will need to call your loan officer and provide your mortgage information including the date of closing, the term of the loan, any reference number assigned to your file, your address, amount of your mortgage payment and the amount you have fallen behind in paying where applicable.

Your options may include loan modification, loan forbearance, refinancing, or other options that may be available from that financial institution.

Remember, getting foreclosure relief is not automatic and you must call your lender to get started.

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