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Caliber is offering a forbearance plan to those impacted by COVID-19.
- What is forbearance?
- I have been impacted by COVID-19. Do I qualify for a forbearance?
- What are the terms of the COVID-19 forbearance plan?
- What happens when the forbearance period ends?
- Other Important forbearance plan information:
- Be especially vigilant for scams
What is forbearance?
- A forbearance suspends payments for a duration of months to help assist you in getting things in order such as getting back to work, etc.
I have been impacted by COVID-19. Do I qualify for a forbearance?
- A forbearance plan is available to customers who are experiencing financial hardship due, directly or indirectly, to the COVID–19 emergency. The CARES Act allows for a forbearance of up to 180 days upon request, with an extension of up to an additional 180 days if your hardship is ongoing.
What are the terms of the COVID-19 forbearance plan?
- The initial forbearance plan suspends payments for three months.
- If you are unable to resume your normal monthly payments at the end of the forbearance plan, you may request additional forbearances in three-month increments, up to a total of twelve months.
- You will not be charged late fees during the forbearance plan(s).
- Delinquent credit reporting will be suppressed during the forbearance plan(s).
What happens when the forbearance period ends?
- Payments that are suspended as a result of the forbearance plan(s) will need to be repaid at the end of the forbearance period. If you are unable to repay these amounts through reinstatement or a repayment plan, you will need to make arrangements with Caliber to repay these amounts through a loan modification or other program for which you are eligible. Please contact us as your plan nears completion. Caliber will help find a solution that works best for you. You will likely be required to provide additional information to Caliber so that we can determine your eligibility for these loss mitigation programs.
Other Important forbearance plan information:
- You may receive delinquency notices required under the terms of your loan and applicable law. These delinquency notices do not impact the terms of your forbearance plan.
- The forbearance plan does not include forgiveness of any amounts.
- Although not reported to credit bureaus, your account will become delinquent as a result of the payment suspension.
- You may receive correspondence related to Loss Mitigation assistance.
Be especially vigilant for scams.
Individuals may become more aggressive in trying to gain sensitive personal information or collect donations for fraudulent charities. Please be wary of any social media requests, texts, or phone calls related to COVID-19.
Here are a few tips to protect yourself and remain vigilant during this time:
- Use caution if opening unsolicited emails, especially those that include links or attachments.
- Use known, trusted resources, such as government websites for up-to-date information.
- Do not reveal personal or financial information in an email, and do not respond to email solicitations for this information.
Please ask questions or report your experience with this servicer below. Your feedback will help other homeowners navigate homeownership preservation options. REMEMBER: Ask for everything in writing to protect yourself against surprises.