What happens at the end of the forbearance period?
There are several options at the end of the forbearance period
- Pay back all principal and interest payments that were suspended in one lump sum to reinstate your loan and start making regular payments again.
- Request an additional forbearance period (if available as an option); or
- Apply for a mortgage, home equity line or loan modification. Please note that there are various options for loan modifications, and they can be discussed with the Member Assistance Specialist. Modifications are subject to approval; or
- Pay off the mortgage loan in full; or
- After you have made 3 consecutive payments prior to a refinance approval, apply for a refinance your existing mortgage
If none of these options are feasible, then the foreclosure process with begin.