We are actively monitoring and implementing:
- State announcements and guidelines
- Federal announcements and guidelines (CARES Act)
- Fannie Mae, Freddie Mac, and Private Investor announcements and guidelines
- FHA, USDA, VA announcements and guidelines
Federally or GSE-backed Mortgages
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and guidance from federal agencies and the government-sponsored enterprises (GSEs), there are protections for homeowners with federally backed mortgage loans, which includes HUD/FHA, VA, USDA, Fannie Mae, and Freddie Mac loans.
You may be eligible to receive up to 18 months of forbearance relief. If you experience financial hardship due to the coronavirus pandemic, you have a right to request and obtain an initial forbearance for up to 180 days. At the end of the 180 days of initial forbearance relief, if you are unable to resume your payments, you have the right to request and obtain an extension of forbearance relief for up to another 180 days. At the end of the 360 days of forbearance relief, if you are unable to resume your payments, you may be eligible for additional forbearance relief in the form of two, separate 3 month forbearance periods.
Temporary Payment Relief (Forbearance Plans)
If you have been financially impacted by COVID-19 and are unable to make your mortgage payment, you may qualify for a COVID-19 Forbearance plan, a temporary pause (suspension) of your monthly payments, while you regain your financial footing.
- Your payments will be suspended for the duration of the plan
- While the plan is active:
- We won't charge late fees
- All default-related activity will be suppressed
- Negative credit reporting is suppressed
- Your plan can be extended up to a total of 18 months (540 days)
- At the end of the plan, we will guide you through the next steps, which may include an extension of your COVID-19 Forbearance Plan, a deferral of the suspended payments to the end of the loan, loan modification, repayment plan, or reinstatement.
- You can contact us at any time to reduce the term of the plan or resume making payments and resolve any unpaid amounts.
- If you end your COVID-19 Forbearance Plan and are later impacted again by COVID-19, you can start a new COVID-19 Forbearance Plan. Each loan is afforded up to a total of 18-months. They do not need to be used consecutively. If all 18-months have been used, we can still work with you on other available payment relief options.
Click below to request a temporary COVID-19 Forbearance Plan.
COVID-19 Forbearance Plan
Forbearance Plan Extension
If your COVID-19 Forbearance Plan is expiring soon and your financial hardship has not ended, you can request an extension of your suspended payments and accompanying protections.
COVID-19 Forbearance Plan Extension
If you were previously impacted by COVID-19 but are now able to resume your mortgage payment, we can guide you through the process to apply for all available payment deferral, partial claim, loan modification, and repayment programs.
Please see the below list and description of payment resolution options that may be available to you, depending on your individual circumstances:
- Description: The balance of forborne payments is paid to bring the loan current.
- Best for: Customers who can continue to afford their regular monthly mortgage payments and have available funds to pay the balance of forborne payments without causing themselves further hardship.
- Description: The balance of forborne payments is divided by six and added to the regular monthly mortgage payment for a period of 6 months.
- Best for: Customers who can pay more than their regular monthly mortgage payments for the next 6 months and can continue to afford their regular monthly mortgage payment thereafter.
DEFERMENT (Fannie Mae/Freddie Mac) / Partial Claim (FHA)
- Description: The balance of forborne payments is moved to the back of the mortgage and due at the earlier of the date the loan matures, the date the loan is paid in full, the date of the loan is refinanced, or the date the property is sold or transferred.
- Best for: Customers who can continue to afford their regular monthly payments.
- Description: The monthly mortgage payment is lowered by modifying the terms of the mortgage note (interest rate & remaining term) and adding the balance of forborne payments into the remaining principal balance.
- Best for: Customers who can no longer afford their regular monthly payments and still wish to keep the property.
- Description: There are three liquidation options. 1) A customer can sell their property and payoff their mortgage. 2) A customer can complete a short sale, where the property is sold for less than remaining mortgage principal balance. 3) A customer can complete a deed in lieu, where ownership of the property is signed over to RoundPoint (who will bear the responsibility of selling the property and paying in full the remaining mortgage principal balance).
- Best for: Customers who no longer wish to keep the property.
Click below to request a resolution to your COVID-19 Forbearance Plan.
Making Your Payment
Please realize, the USPS may experience delays in processing and delivering payments sent in by mail. Your payments will be posted effective of the date of receipt. However, we recommend you:
Make Payment Now
- Sign up for electronic statements to ensure you are timely receiving the most up-to-date information about your account.
- Make your payments online. This is the safest and fastest way to process your payment. And there is no charge.
We remain firmly committed to addressing your needs, especially in challenging times. We are working hard to serve all customers and encourage you to fully utilize the website.
If you have not set up an online account, now is a great time to do so. With an online account, you can:
SET UP NOW
- Access your account 24/7
- Update your personal details
- Make payments
- Set up automatic payments
- And, much more
Refinance and Home Purchase ELIGIBILITY While in Forbearance
We follow Fannie Mae and Freddie Mac guidelines. Recently, both Enterprises issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home.
Borrowers are eligible to refinance or buy a new home IF they are current on their mortgage (i.e., in forbearance but continued to make their mortgage payments or reinstated their mortgage).
Borrowers are eligible to refinance or buy a new home three months (90 days) after their forbearance ends, AND they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.