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Unemployment Forbearance

Mortgage relief for unemployed homeowners

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Are you a homeowner facing a financial hardship due to unemployment? If your mortgage is owned by Freddie Mac, you may be eligible for temporary relief through unemployment forbearance options offered by your mortgage servicer (the organization to which you send your mortgage payments). These options allow for a reduction or suspension of your mortgage payments for a period of up to 12 months, helping you with your mortgage challenges while you are unemployed.

General Eligibility*

You may be eligible if:

  • You have a financial hardship due to unemployment;
  • You occupy the property as your primary residence; and
  • Your mortgage is owned by Freddie Mac. Visit our secure Loan Look-up tool to see if Freddie Mac owns your loan.

Two Options

If your loan is owned by Freddie Mac, there are two unemployment forbearance options to help you through your mortgage challenges during your unemployment period:

  • Short-term forbearance option. If you qualify, your servicer can offer you short-term forbearance for six months, where your mortgage payments are either suspended or reduced. For this option, you:
    • May be either current or delinquent in your mortgage payments.
    • May convert to this short-term forbearance plan if you lose your job while participating in either a Home Affordable Modification program (HAMP) or Freddie Mac Standard Modification trial period plan.
  • Extended unemployment forbearance option. If you remain unemployed when the short-term forbearance period ends, your servicer will evaluate your eligibility for extended unemployment forbearance and may extend your forbearance period for up to another six months if you are eligible. Under this option, your mortgage payments may be reduced or suspended. 

Next Steps

  • Reach out to your servicer as soon as possible to discuss your eligibility.
  • Check to see if Freddie Mac owns your mortgage by using Freddie Mac's secure Loan Look-up tool.
  • Learn how to identify mortgage fraud. There are many organizations that can help you when facing financial problems or foreclosure, but it is more important than ever to make sure you are dealing with a reputable organization before getting involved. Any unsolicited help should be fully researched before accepting any help.

* This material is meant to provide general information about unemployment forbearance options when your loan is owned by Freddie Mac, and is not a comprehensive summary. Specific additional terms, conditions, and limitations apply. Please contact your servicer for more detailed information about the program and eligibility requirements.

 

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