As forbearance ends, what can you do to maintain your home?

Thankfully, many homeowners were granted a period of forbearance due to hardship caused by COVID-19. Eventually, this period of relief will come to an end, leaving many homeowners wondering, “what’s next?”


It’s important to keep in mind that your mortgage payments were momentarily halted, not erased. This means you still have to pay back all of the payments that you skipped throughout your forbearance period. 


You don’t have to pay them all at once, and you don’t have to pay them all as soon as your period of forbearance comes to a close – although you can if you’re financially able. There are several popular repayment methods that financial institutions use. Start by talking with your loan provider about their preferred repayment plan. If your financial circumstances have changed because of the pandemic, you could even talk to your lender about modifying the terms of your mortgage or refinancing to ensure you’re able to make your payments moving forward.   


Even if you have a plan to make the payments missed during your forbearance period, continued pandemic-related hardships such as unemployment or illness might make you feel uncertain about your home’s future. United Housing offers foreclosure counseling, which helps homeowners create a plan to prevent foreclosure by prioritizing mortgage payment. Additionally, there are numerous other resources aimed at helping you avoid foreclosure outlined on the United States Department of Housing and Urban Development website.


Hindsight is certainly 2020, but there are lessons that we can apply from COVID-19 to the future. We always recommend homeowners plan for the unexpected. Once you’ve repaid your missed payments, prioritize saving for a “rainy day” fund. This extra money could help you cover food, utilities and mortgage payments in the future should you ever lose your job or experience reduced work. Even if you aren’t currently in need of counseling or assistance programs, we recommend that you always work toward a greater amount of stability in your home – global emergency or not.

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2750 Colony Park Drive
Memphis, TN 38118



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