FHA only.
If you have incurred a short term financial hardship and your home loan is 90 days to 365 days past due, the agent will also consider the possibility of submitting a request of a special forbearance to the guarantor, issuer, loan servicer and / or investor for approval. A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in allowing for a 12 to 18 month repayment of past due payments. Type II – can be utilized in an unemployment situation whereby the promise of future employment is present. We have cases that are VA loans with 27-month repayment plans.
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