A forbearance plan enables you to pause a portion of or all of your mortgage payments temporarily. Forbearance doesn’t mean your payments are forgiven or erased—you are still obligated to repay the missed payments.

You qualify if you have been financially impacted by the COVID-19 pandemic.

At the end of the forbearance period, we will work with you to figure out a repayment plan that makes sense for your situation:

• Lump sum: Pay the forborne amount (the total amount you have deferred paying during forbearance) in one payment at the end of the forbearance plan.
• Short term repayment: Pay the forborne amount over a period of 2 to 12 months.
• Deferment: Move the forborne amount to the end of your mortgage term, when your home is sold, or when your loan is refinanced.

You can request your initial forbearance period to be between 1 and 6 months. If your financial hardship due to COVID-19 is not resolved by the end of the initial forbearance period, you may extend it for a total of up to 12 months. If your loan is backed by Fannie Mae or Freddie Mac, you may be eligible for an additional 6-month extension for a total of up to 18 months.

No, you do not need to cancel AutoPay while on the forbearance plan. Your amount due will be automatically adjusted based on how much you reduce your monthly payment during forbearance. This means that if you reduce your monthly payments by 100%, AutoPay would simply not charge you.

If you reduce your monthly payments by 100% during forbearance, please cancel bill pay with your bank. If you reduce your monthly payments by less than 100%, please adjust your bill pay amount accordingly to only pay the amount that’s required of you during forbearance.

No. While you are in the forbearance period, we will not proceed with foreclosure and eviction proceeding.

To learn if this may be the right option for you and how to apply, please email us at mortgage-assistance@valon.com or give us a call at 855-218-3690.