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The COVID-19 Coronavirus has had a huge impact on our daily lives. If you’ve been economically impacted we are still available to help. As governmental and mortgage industry solutions for consumers who have suffered financial harm evolve, we are dedicated to doing everything we can to provide those solutions and meet your mortgage needs. Some Borrowers may be newly affected by COVID-19 and may need relief through the end of the COVID-19 National Emergency. Due to the continued impacts of the pandemic, including the Delta variant, on Borrowers across the country, HUD, VA, and USDA have recognized the need to provide an additional period of relief to assist those impacted by COVID-19 who only recently requested assistance.  Therefore, the prior Sept. 30, 2021 deadline for loans backed by HUD, VA and USDA is no longer applicable. For these loans, and for those backed by Fannie Mae and Freddie Mac, Borrowers will have through the end of the COVID-19 National Emergency to request an initial forbearance under the CARES Act (The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, enacted in March 2020.) Please see the tables in our FAQ for more information regarding the forbearance end dates, depending upon date of initial request.

HOMEOWNER ASSISTANCE  FUND

The Homeowner Assistance Fund (HAF) is a new federal program to help homeowners impacted by COVID-19 catch up on mortgage and utility bills and pay other housing costs. A large majority of states are running this program through their state’s Housing Finance Agency (HFA).  States and eligible territories are drafting their programs and submitting those plans to the U.S. Department of Treasury to receive their funding and get their assistance programs running.  For additional information on the status of your states’ HAF program and for help in determining whether you are eligible for any of these funds, you may access either this link www.ncsha.org/homeowner-assistance-fund/, or contact a housing counseling agency approved by the U.S. Department of Housing and Urban Development. These agencies will be working to assist homeowners eligible for the HAF program. For this and other questions, the CFPB offers a tool to help you find a housing counselor in your area: www.consumerfinance.gov/find-a-housing-counselor/

Forbearance

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 still be eligible for a 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 has been available for federally-backed mortgages for an initial period of up to 180 days, with up to another 180 day extension if necessary, and potentially,   for 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. The deadline for requesting an initial CARES forbearance for loans backed by HUD/FHA, USDA, or VA was September 30, 2021. However HUD, VA and the USDA recognized the need for additional assistance for those Borrowers only recently impacted, and have therefore extended the time period to request an initial forbearance to the end of the COVID-19 National Emergency (whenever declared to be ended.) Please contact us at 888-469-0810 to discuss options that may be available to you. If you do not have a federally-backed loan or are having financial hardships due to other reasons, please still contact us so we can determine if we have other solutions available to assist you. The ability to request a 6 month CARES forbearance for Fannie or Freddie-owned loans is still available, for a now remaining (for those who hadn’t requested a forbearance earlier) maximum 12-month period, if needed.

Is your hardship over? If you were impacted by the COVID-19 pandemic and are delinquent on your mortgage, but are now 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.)

After 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.

Fees, Interest, Penalties and Credit Reporting during Forbearance

During a period of CARES 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.

Foreclosures

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 or eviction moratorium required by other federal, state or other investor requirements. Even after required moratoriums end, we will work with you to determine if there are any other options available to you to allow you to stay in your home.