Before starting the process, it is important to note that your loan is backed by FHA. Contact your lender to determine whether you qualify for special forbearance. There are certain procedures which are needed to be carried out by the lender to ensure that you are certainly eligible for the process. The exercise must be performed within the first 90 days of your mortgage dues. Request your lender that you are provided with the necessary paperwork.
In the meantime, gather all the relevant documents which will prove your financial standing. It will include your last salary slip, tax return documents, medical expenses and any other bills that you have incurred related to a certain time frame. Before the lender hands out the application, he or she will further inquire about the reasons of the drop in your income. This must align with the evidence you have provided.
FHA forbearance will only come into consideration if you have a good credit history. If you delayed on your payments for over a year, you may not be granted permission. Also, you must prove that the situation is a temporary one, where you have the capacity to meet all payments over the life of the loan. Lenders have an incentive to allow forbearance to take place as they are likely to be rewarded by the U.S Department of Housing and Urban Development.
Begin the process. Negotiate the terms with the lender, depending on your needs. You are likely to be granted forbearance for a specified period of time, not more than a year. Make sure, you select the right time frame.