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After Your Forbearance Period Ends

 

Payment Assistance Options

As your forbearance period comes to an end, you will have several repayment options to ensure that your mortgage remains affordable and sustainable as you go forward. Your options will vary based on the type of loan you have but may include extending your forbearance period, setting up a repayment plan, and/or modifying your loan terms.

To determine your loan type, please login to your online account, click My Loan, and then Loan Details. 

 

FHA

Extend your forbearance plan. If your initial forbearance is ending and your hardship has not, please contact us at 844-814-7788 to request an extension of your forbearance period. This will allow you the additional time you need to get back on your feet.

Repayment plan. A repayment plan would add a portion of the past due balance to your monthly payments for a fixed period of time, generally between 3-12 months. To determine eligibility, please contact us at 844.814.7788.

FHA National Emergency Standalone Partial Claim. In this program, the Department of Housing and Urban Development (HUD) advances the amount needed to cover your missed payments. The advance is an interest-free loan payable to HUD.  There are no monthly payments, and the loan would not need to be repaid until your mortgage pays in full (for example, if you sell your property or refinance your mortgage). To participate in this program, the following conditions must be met:

  • You were impacted by COVID-19;
  • Your mortgage payments were current as of March 1, 2020;
  • You reside in your property at the time you request the FHA National Emergency Standalone Partial Claim, and
  • You can afford your monthly payment but cannot afford the temporary payment increase associated with the repayment plan, and you have not previously received an FHA National Emergency Standalone Partial Claim.

No application is necessary. To begin a review for this option, please contact us at 844.814.7788.

FHA HAMP Loan Modification. The FHA HAMP Loan Modification program has several variations that differ slightly based on your income and outstanding loan balance. In this option, past due payments are incorporated into your principal balance and, in some cases, your loan terms may be adjusted to ensure the monthly payment is affordable. To begin a review for this program, please complete  a Borrower Response Package, gather the necessary supporting documentation, and submit everything to our Payment Assistance Team. We will review your application, and you will receive a decision within 30 days.

Bring your loan payments current. If you have the means to pay the balance of your forborne payments in one lump sum, you may do so at any time. Once you have done so, you will resume making your regularly scheduled mortgage payments. To obtain the total amount needed to bring your payments current, please refer to your most recent billing statement, or contact us at 844.814.7788.

 

Conventional (Fannie Mae or Freddie Mac)

Extend your forbearance plan. If your initial forbearance is ending and your hardship has not, please contact us at 844.814.7788 to request an extension of your forbearance period. This will allow you the additional time you need to get back on your feet.

Repayment plan. A repayment plan would add a portion of the past due balance to your monthly payments for a fixed period of time, generally between 3-12 months. To determine eligibility, please contact us at 844.814.7788.

COVID-19 Payment Deferral (Available July 1, 2020). In this program, the total of payments missed during your forbearance period are deferred to the end of your loan to be paid as one lump sum. The deferred amount accrues no interest, requires no additional monthly payments, and would not need to be repaid until your loan pays in full (for example, if your sell your property or refinance). To participate in this program, certain conditions must be met:

  • Your financial hardship must be related to COVID-19, and
  • You are able to afford your monthly payment, but cannot afford the temporary payment increase associated with a repayment plan.

No application is necessary. For more information about eligibility requirements, or to begin a review for this option, please contact us at 844.814.7788.

 

Flex Modification: In this option, past due payments are incorporated into your principal balance and, in some cases, your loan terms may be adjusted to ensure affordability. To begin a review for this program, please complete a Borrower Response Package, gather the necessary supporting documentation, and submit everything to our Payment Assistance Team.  We will review your application, and you will receive a decision within 30 days.

Bring your loan payments current. If you have the means to pay the balance of your forborne payments in one lump sum, you may do so at any time. Once you have done so, you will resume making your regularly scheduled mortgage payments. To obtain the total amount needed to bring your payments current, please refer to your most recent billing statement, or contact us at 844.814.7788.

 

 

USDA

Extend your forbearance plan. If your initial forbearance is ending and your hardship has not, please contact us at 844.814.7788 to request an extension of your forbearance period. This will allow you the additional time you need to get back on your feet.

Repayment plan. A repayment plan would add a portion of the past due balance to your monthly payments for a fixed period of time, generally between 3-12 months. To determine eligibility, please contact us at 844.814.7788.

Special Relief Alternative. In this option, past due payments are incorporated into your principal balance and in some cases your loan terms may be adjusted. To participate in this program, the following conditions must be met:

  • You were impacted by COVID-19, and
  • Your loan was current on mortgage payments as of March 1, 2020.

No application is necessary; however, you must submit verification that your hardship has been resolved. To begin a review for this option, please contact us at 844.814.7788.

 

Loan Modification:  There are several Loan Modification variations that differ slightly based on your income, monthly expenses, and loan balance. In these options, past due payments are incorporated into your principal balance and in some cases your loan terms may be adjusted to ensure affordability. To begin a review for this program, please complete a Borrower Response Package, gather the necessary supporting documentation, and submit to our Payment Assistance Team.  We will review your application and you will receive a decision within 30 days.

Bring your loan payments current. If you have the means to pay the balance of your forborne payments in one lump sum, you may do so at any time. Once you have done so, you will resume making your regularly scheduled mortgage payments. To obtain the total amount needed to bring your payments current, please refer to your most recent billing statement, or contact us at 844.814.7788.

 

 

VA

Extend your forbearance plan. If your initial forbearance is ending and your hardship has not, please contact us at 844.814.7788 to request an extension of your forbearance period. This will allow you the additional time you need to get back on your feet.

Repayment plan. A repayment plan would add a portion of the past due balance to your monthly payments for a fixed period of time, generally between 3-12 months. To determine eligibility, please contact us at 844.814.7788.

 

VA Disaster Modification: In this option, past due payments are incorporated into your principal balance and in some cases your loan terms may be adjusted. To participate in this program, the following conditions must be met:

  • You were impacted by COVID-19, and
  • Your loan was current on mortgage payments as of March 1, 2020. 

No application is necessary. To begin a review for this option, please contact us at 844.814.7788.

 

Loan Modification: There are several Loan Modification variations that differ slightly based on your income, monthly expenses, and loan balance. In these options, past due payments are incorporated into your principal balance and, in some cases, your loan terms may be adjusted to ensure affordability. To begin a review for this program, please complete a Borrower Response Package, gather the necessary supporting documentation, and submit everything to our Payment Assistance Team.  We will review your application and you will receive a decision within 30 days.

Bring your loan payments current. If you have the means to pay the balance of your forborne payments in one lump sum, you may do so at any time. Once you have done so, you will resume making your regularly scheduled mortgage payments. To obtain the total amount needed to bring your payments current, please refer to your most recent billing statement, or contact us at 844.814.7788.

 

Remember, we're here to help. Please contact us at any time. 

 

 

Published 5/18/20