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What to Expect During Disaster Forbearance

Disaster relief payment assistance is not permanent. Any unpaid payments from a Disaster Forbearance Plan will be due and payable at the end of the Forbearance period. Therefore, you may be responsible for a lump-sum payment when the assistance term expires.

Frequently Asked Questions

What is a Forbearance?

Most investors offer what is known as a Disaster Forbearance Plan (“Plan”). The Plan essentially suspends payments for a certain number of months, allowing you time to pay your deductible, return to work, etc. Your loan payments are not forgiven during the Plan. At the end of your approved Plan period, the total amount of the suspended payments will be immediately due and payable. You are required to make arrangements to pay these suspended payments before the end of the approved Plan.

I think I need a Disaster Forbearance Plan. What do I do?

If you believe you will be unable to continue making your mortgage payments and may need mortgage disaster assistance, please contact Caliber Home Loans at 1-800-401-6587.

Will collection efforts and past due notices be suspended during Forbearance?

During your time on a Disaster Forbearance Plan, most loan program investors require that we remain in contact with you. As such, you will receive calls from us. Applicable law requires us to send delinquency notices and/or loss mitigation correspondence during the forbearance period.

What happens at the end of a Forbearance Plan?

At the end of your Disaster Forbearance Plan, the total of any unpaid payments under forbearance will be due and payable in full. Therefore, you need to put a plan in place before the end of your forbearance to have sufficient funds available to make this lump-sum payment.

If you do not think you will have the funds to make the lump-sum payment, we may have options to assist you. Call us at 1-800-401-6587 before your Plan expires to discuss your options.

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