If you have been impacted by COVID-19 and are not able to make your mortgage or other loan payment, please fill out the form below and we will contact you to discuss options that may be available to you.
A Note on Mortgage Loans
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place protections for all federally-backed mortgages. A “federally-backed” mortgage means it was sold to Fannie Mae or Freddie Mac, or is insured or guaranteed by the FHA, VA, or USDA. If you don’t have a federally-backed mortgage, you may still qualify for relief options and should contact us for options that are available to you.
Forbearance
If you experience a financial hardship due to the coronavirus pandemic, and you have a federally-backed mortgage, you have the right to request a forbearance for up to 180 days. You also have the right to request an extension for up to another 180 days. However, you must contact us to request this forbearance. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You will not need to submit additional documentation to qualify for the initial forbearance period, other than making the claim that you have a pandemic-related financial hardship. Additional documentation may be requested if the initial forbearance period is extended.
Forbearance is when your mortgage servicer or lender allows you to pause (suspend), or reduce your mortgage payments for a limited period of time while you regain your financial footing. Forbearance doesn’t mean your payments are forgiven or erased. After the forbearance period, we can transition back to a payment schedule that is appropriate for your situation. You are still required to pay any missed or reduced payments in the future. At the end of the forbearance, your options can include paying all of your missed payments at one time, spread them out over a period of months, or add as additional payments or a lump sum at the end of your mortgage. Each situation will be evaluated on a case-by-case basis based on a client’s financial situation.
Please consider any forbearance request carefully. Mortgage accounts in forbearance, as a result of the coronavirus pandemic, cannot be reported negatively to the credit bureau but it will be reported on your credit report as a mortgage under a forbearance agreement and some lenders may not offer refinancing or purchase options to clients currently, or recently in, a forbearance plan.
Foreclosure
Lenders or loan servicers may not foreclose on a federally-backed mortgage for 60 days after March 18, 2020. The CARES Act prohibits lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgement or sale, during this period of time.