April 12, 2021
Has the COVID-19 pandemic hurt you financially? Are you having trouble making your mortgage payments? We want to help! If you have financial problems due to COVID-19, we’ve created a payment forbearance plan that may be a good option for you.
If you’re dealing with financial hardship because of the COVID-19 pandemic, you may qualify for forbearance. For example, you may qualify if you are:
If you qualify for a forbearance plan, we’ll allow you to temporarily stop making your regular mortgage payments during your forbearance period (usually several months). Also, we will not charge you any late fees, and we will not file any negative credit reports against your account while your forbearance is in effect—but interest will continue to accrue.
But note: The total of all of the payments you don’t make during your forbearance will be due and payable when your forbearance period ends. So before your forbearance is over, you’ll need to contact us so we can help you develop a plan to pay what you’ll owe when your forbearance ends.
A forbearance stops your mortgage payments while it is in effect. To avoid a negative impact on your credit score, you must bring your account current within the month after your forbearance ends. Depending on your loan type and who owns your mortgage, you may need to pay other charges and fees as well.
After your forbearance ends, these payment options may be available to you depending on your loan type, financial eligibility, and investor requirements:
Be sure to begin discussing these options with your Shellpoint SPOC (single point of contact) at least 30 days before your forbearance period ends. Your SPOC will help you decide which post-forbearance plan is best for you, and will help you start the application process as soon as possible.
If you think a forbearance plan is right for you, sign in to your online account with your Username and Password, and click on your loan number to go to your dashboard. Then click on the banner titled Click here for COVID-19 assistance and follow the on-screen prompts and instructions.
After you apply, be sure to keep on making your regular mortgage payments until we approve and finalize your forbearance agreement.
You can make mortgage payments at any time during your forbearance period, and we encourage you to do so. Every payment you make will reduce the amount you’ll need to pay at the end of your forbearance.
Don’t forget: The total of all payments you don’t make during your forbearance will be due and payable within 30 days after your forbearance period ends.
If you haven’t yet set up your online Shellpoint account, register today! Enter the Username and Password of your choice; then click on Create Account and follow the on-screen instructions.