Homeowner documentation
- You must provide a copy of the forbearance plan to the homeowner.
- A Borrower Response Package (BRP) is not required to offer a homeowner a forbearance plan.
Keep in mind
A borrower may exit forbearance and later be impacted financially by another hardship
Some borrowers may find themselves unable to resume or continue paying their monthly payment after a forbearance plan has ended. The borrower must contact the servicer if a new forbearance plan is needed.
Additional information to consider for borrowers taking forbearance:
Mortgage assistance: Help borrowers understand that forbearance is not mortgage forgiveness – that all unpaid amounts must be paid back (see repayment options above.)
Credit reporting: Servicers must report the status of the mortgage loan to the credit bureaus in accordance with the Fair Credit Reporting Act (FCRA). Refer to Servicing Guide C-4.1-01: Notifying Credit Repositories for additional information.
