Nevada homeowners can recover after forbearance with strategic refinancing. Learn waiting periods, credit repair strategies, and pathways to get back on track in Las Vegas and Reno.
Different loan types have specific waiting periods after forbearance ends. Understanding these timelines helps you plan your refinancing strategy effectively.
WAITING PERIOD
3 Months
WAITING PERIOD
6 Months
WAITING PERIOD
12 Months
Ready to explore your refinancing options after forbearance?
If you're not ready to refinance, Nevada homeowners have several other pathways to recover from forbearance and avoid foreclosure.
Permanently change your loan terms to make payments more affordable. This may include extending the loan term, reducing the interest rate, or adding missed payments to the loan balance.
Spread missed payments over 6-12 months in addition to your regular payment. Best for borrowers who can afford a temporarily higher payment.
Move missed payments to the end of your loan term as a non-interest bearing balance. Resume regular payments immediately without catching up on arrears.
If you cannot afford to keep the home, these options allow you to exit homeownership with less credit damage than foreclosure. Work with your lender to understand Nevada-specific implications.
Unsure which option is right for you? Our Nevada specialists can evaluate your situation.
While properly documented COVID-19 forbearance shouldn't damage your credit, rebuilding financial strength is essential for refinancing approval.
Payment history accounts for 35% of your credit score. Set up autopay to ensure you never miss a payment as you exit forbearance. Even one late payment can delay refinancing eligibility.
Keep credit card balances below 30% of limits (ideally under 10%). High utilization signals financial stress to lenders and can lower your credit score by 50+ points.
Pull your free credit reports from AnnualCreditReport.com and dispute any inaccuracies. Forbearance should be reported correctly – if it shows as late payments, file disputes immediately.
Hard inquiries from new credit applications can lower your score. Focus on rebuilding existing credit rather than opening new accounts during your recovery period.
Lenders want to see financial stability. Aim for 2-6 months of expenses in savings. This demonstrates you can handle future financial challenges without defaulting.
If you've paid down debts or corrected errors, ask your lender about rapid rescoring. This can update your credit report within 3-5 days instead of waiting 30-60 days.
3-6
Months to rebuild credit with consistent payments
680+
Target credit score for best refinance rates
12-24
Months for full credit recovery to pre-forbearance levels
Mortgage forbearance provides temporary relief by pausing or reducing mortgage payments during financial hardship. While it helps in the short term, exiting forbearance requires strategic planning to avoid foreclosure and preserve homeownership.
Nevada homeowners who entered forbearance during COVID-19 or other hardships have multiple pathways to recovery, including refinancing, loan modifications, and repayment plans. Understanding your options is critical to making the right decision for your financial future.
Your payment pause has concluded and you need a recovery plan
Rebuild credit and position yourself for refinancing approval
Nevada Homeowner Recovery
Expert Guidance
Post-forbearance specialists