The response to the COVID-19 is rapidly evolving. During this difficult time, Fairway is committed to providing you with guidance on payment relief options so that you can focus on the safety of yourself and your family.
If you are experiencing a hardship due to: loss of employment, income reduction, illness or other related impacts from COVID-19, help is available.
Offering the ability to temporarily suspend or reduce your monthly payment for a limited period of time, which is also known as a Forbearance plan.
When selecting a forbearance plan, it is important to keep in mind that you will have to repay any missed or reduced payments. Repayment options vary by loan type and in most cases allow for installments overtime.
We understand the importance of credit scores. Fairway will not report negative data to credit bureaus or assess late fees for customers actively performing on forbearance plans (reduced or suspended payment agreements), outside of the status of performance that applied upon the forbearance plan being established. Performance prior to the forbearance plan, whether positive or negative, will however, continue to be reported throughout the duration of the plan.
The initiation of new foreclosures, foreclosure sales and evictions will be suspended in accordance with applicable federal and state law and agency guidelines.
CARES Act Mortgage Forbearance: What You Need to Know
If your conventional loan is owned by Fannie Mae, please see this helpful video about options after your COVID-19 forbearance.
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