Before the forbearance plan expires, we will contact you to discuss your current status and determine what options may be available given your situation, which may include:
Will I be required to make a lump sum payment at the end of my forbearance period?
If you cannot afford to pay the missed payments in a lump sum at the end of forbearance, you will not be required to do so, as long as we reach an alternate solution, which we will specifically call you at the end of your applicable forbearance period to
discuss. This could include an extension of the forbearance period, a repayment plan, deferral of the payments to the end of the loan, or a loan modification, depending on the investor guidelines and status of the loan.
What specific options will be available for me at the very end of my forbearance period?
As a mortgage servicer, PHH Mortgage must comply with guidelines set forth by the entity that is the owner or investor of the mortgage. These entities include Fannie Mae, Freddie Mac, Department of Veterans Affairs (VA), the Federal Housing Administration (FHA) and other private companies.
At the conclusion of the forbearance period, one of the following four outcomes must occur: