Updated As Of July 9, 2021
For information in multiple languages, see the CFPB links below:
The COVID-19 Coronavirus has had a huge impact on our daily lives. And whether you’ve been economically impacted, or are just trying to plan ahead, we stand ready to help. As governmental and mortgage industry solutions for consumers who have suffered financial harm are developed and evolve, we are dedicated to doing everything we can to provide those solutions and meet your mortgage needs.
If you have been impacted by the coronavirus and are not able to make your regular mortgage payment, please contact us at 888-469-0810 to discuss options that may be available to you. If your mortgage is “federally-backed,” meaning it has been sold to Fannie Mae or Freddie Mac, or is insured or guaranteed by the FHA, VA, or USDA – you may be eligible for an immediate forbearance plan if the coronavirus pandemic has negatively impacted your financial situation, even if you are already delinquent on your loan. We can help determine if your loan is federally-backed.
Forbearance means that for a limited period of time, you do not have to make your regular mortgage payment. Forbearance under the CARES Act is available for federally-backed mortgages for an initial period of up to 180 days, which can later be extended for up to another 180 days if necessary. Recently, forbearance extensions have been made available for two additional 3 month periods under certain circumstances (see our FAQs for more information), for potentially a total of 18 months of mortgage payment forbearance. Not all borrowers will be eligible for the maximum period. The initial or extended forbearance periods, once requested, can also be shortened at any time if no longer needed. To obtain a forbearance, you simply need to contact us and attest to the fact of your coronavirus impact, and will not be required to provide additional documentation. The deadline for requesting an initial forbearance for loans backed by HUD/FHA, USDA, or VA is September 30, 2021.
If you were impacted by the COVID-19 pandemic and are delinquent on your mortgage, but are ready to resume regular payments, you may qualify for one of the assistance options to bring your mortgage current; if your loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a deferral whether or not you entered into a forbearance.
At the end of any forbearance period you may be granted, we can help you transition back to a payment schedule that is appropriate for your situation, from among the options available for your loan program. Unless you are able to do so, you will not be required to repay forborne payments in a lump sum immediately after the forbearance ends. Depending on your loan program and loan owner, your other options for payment of the amount due may include a repayment plan, payment deferral, or modification of the loan including its payment amount and/or remaining term.
During a period of forbearance, no fees, penalties, or interest will be charged beyond the amounts that you would be charged if you made all of the payments on time. Additionally, under the CARES Act, if your loan was current at the start of your forbearance plan, your loan will remain current for credit reporting purposes through the duration of the forbearance period. However, if your loan was delinquent at the start of your forbearance plan, we will maintain that delinquency status during the period of the forbearance. If you are able to bring the loan current during the forbearance plan, we will then report the account as current at that point. You should also be aware though, that even though your lender will not report your forborne payments as delinquent in the credit information furnished to credit bureaus, we are uncertain as to how the various credit bureaus may report your loan and the impact on the various credit score models used. In addition, depending upon which post forbearance solution you obtain, interest or other amounts forborne or advanced added to your total amount due could increase your mortgage balance. We are uncertain as to the impact of a mortgage balance increase on your credit score, if any, depending upon other factors in your credit report. It is important to note, a credit score is based on many factors in your credit report and different scoring models use different methods to calculate credit scores.
Except with respect to a vacant or abandoned property, no foreclosure filings will be initiated, no foreclosure judgments sought, and no foreclosure related evictions or sales executed on covered loans during the period of any CARES foreclosure moratorium, or any foreclosure moratorium required by other federal, state or other investor
Please be patient as we are experiencing longer than usual hold times due to increased call volumes as we help our customers during this difficult time. If possible, we encourage you to take advantage of our online resources to avoid delays.
For additional information on Coronavirus mortgage relief options you can visit the Consumer Financial Protection Bureau website: