COVID-19 Payment Forbearance Options

COVID-19 Payment Forbearance Options

Understanding your available options for assistance is an important step in managing hardships and we are committed to helping you understand your options to provide best-in-class service during these uncertain times.

Having trouble making your mortgage payment?

You may qualify for a forbearance plan if you are experiencing any of the following:

• Significant loss of income due to COVID-19

• Missing work due to COVID-19

• Caring for a family member who has been affected by COVID-19 

How does forbearance work?

If you qualify for a forbearance plan, you may be able to temporarily put a pause on your monthly mortgage payments. During this "forbearance period" you are not required to make your monthly mortgage payments, you will not be assessed any late charges, and negative credit reporting on your loan will be suspended. This means you will not be marked "late" for any suspended payments. Prior to the end of the forbearance period, you will need to contact us again to discuss a permanent payment option and solution. 

What happens at the end of the forbearance?

Your mortgage may be subject to additional investor or loan type requirements and guidelines. Additional options to assist you after the forbearance period may include:

Reinstatement: If possible, the simplest option is to pay back the amount. Repayment plan: Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance. Loan Modification: Permanently change the terms of your mortgage to bring your account current. Deferment: Defers payments to the end of your loan.

In order to avoid any negative credit impact, your account must be brought current following your forbearance plan using either a loan modification, repayment plan, or other option(s) approved by investor, state, and federal guidelines.

Important to note:

  • Continue making mortgage payments until you have been approved for a forbearance
  • Forbearance requires payments to be repaid after the period has expired
  • You may make a payment to your loan at any time during the active forbearance period, which will lower the total amount due at the end of the plan

How do I apply for a forbearance?

If you would like to be placed on a forbearance plan, please sign in to our Homeowner portal and complete the steps below:

  1. Sign in with your Username and Password
  2. Click the Mortgage Assistance tab
  3. Choose Homeowner Assistance Solutions
  4. Select the Options for Temporary Hardships box

We’ll work closely with you to find options that meet your unique needs.

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