Servicer Contact Options
Website: Online Forbearance Request
COVID-19 FAQ: Frequently Asked Questions
Mobile app: Mobile App Customer Portal
From Servicer Website
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.
If you have forbearance questions and would like to speak to a certified housing counselor, please call the Hope Hotline at 995Hope.org
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.
Hi. We are in need of more information on how to use the forbearance program.
My biggest concern is how we “Repay” the payments after the forbearance?
We won’t have a lump sum of money. What happens after all this?
Hi Dawnette, it’s important to have this question answered before making the choice to go into a forbearance plan. I spoke to a friend today that pushed a button on the Wells Fargo website and is now in a forbearance program. He tried to make a partial payment in April and they would not accept it.
It is VITALLY important that everyone understands that forbearance is like putting a band-aid on a bullet hole. It’s not a cure, it’s a lifeline to buy time. We are recommending that if there is ANY WAY to make your mortgage payment, get it paid.
Talk to all of your other debt holders first – auto, credit cards, installment loans – see if there are deferment programs for your other expenses to free up the money to make your mortgage payment.
We are recommending that if you do enter into a forbearance program, get everything in writing. Have a conversation with them about repayment at the end of the term. There is still so much that we do not know, that Caliber does not know, about how this plays out.
Homeownership preservation is an important part of recovering from this tragic pandemic. While we applaud the Government and lenders for moving fast to help folks in need, we don’t want the unintended consequences of these good intentions to bite us in the end.
I hope this was helpful?
If we get a forebearance on our mortgage due to Covid 19, would we have to make arrangements when we apply to have the missed payments at the end of our loan if we know we wouldn’t be able to pay it back at the end of the forebearance?
This is a very important question, thank you for asking. Depending on what type of loan you have, and whether or not it is Federally backed as described in the CARES Act, your reinstatement options may vary.
If your loan is Federally backed, a COVID-19 Payment Deferral or partial claim in the case of FHA is available to you. If your loan is not federally backed, you must ask the loss mitigation department of Caliber Home Loans.
If you are not yet in forbearance, you should ask about your reinstatement options once the forbearance period is up. Again, it just depends on if your loan is federally backed. Under the cares act, all federally backed mortgages must be granted forbearance up to 180 days, and can be extended for an additional 180 days without application or the need for documentation.
In our opinion, it’s “too easy” and many homeowners have put themselves into a situation where the exit strategy is unknown.
Federally backed mortgages cover around 75% of all mortgages out there. If you don’t fall under this umbrella, your servicer is the only one that can tell you what reinstatement options are availble.
We make our payments to Caliber Home Loans, so would you be our servicer?
We are not Caliber, but you can reach your servicer, Caliber above on this page. Caliber is the servicer, but your loan is guaranteed by the Veteran’s Administration.
We are a network of mortgage and real estate professionals who have created this resource as a way for consumers to ask questions and get accurate answers.
If you have further questions, you can email me directly at firstname.lastname@example.org if you would like.
I need to speak to someone about covid19. I drive a school bus and there is no school
Sharon, Caliber Home Loans does not monitor this website. If you are having unable to make your payment due to COVID-19, you must contact Caliber directly and ask for assistance. You can make an online request or call their customer service line and press 1 for self-service.
If we have a VA loan, will we have more options for repaying the payments like adding it to the end of our contract?
The VA will bend over backwards to protect Veterans. You are eligible for up to 360 days forbearance, and Payment Deferral is a common loss mitigation workout solution for VA loans. It is important that you have this conversation with your servicer – We are not your servicer – If you have any problems at all, come back here and we will be able to help offline.
Thank You and your family for your Service! Have a Happy Memorial Day weekend 🙂
I am in a forbearance plan. I forgot to ask about escrow. Will my takes be paid? Also, what is a loan modification? I though that the unpaid loan will be put at the end of the loan…add on a few payments. How do I know if I qualify for a loan modification?
Dianne, if your taxes and insurance are included in your mortgage payment, they should be paid by the servicer. If your taxes and insurance are not included in your mortgage payment, you do need to keep them current. Trust, but verify that this is the case with your servicer.
The first step to understanding your reinstatement options is to determine whether your mortgage is Federally backed. If your loan is Fannie Mae, Freddie Mac, FHA, VA or USDA, there are better-defined paths after forbearance. If your loan is considered a “portfolio” loan or not Federally backed, the servicer can determine their own guidelines.
Regarding a loan modification, that’s basically a broad term that means that the terms of your note are modified by the servicer. Deferment is one modification option that adds your skipped payments to the end of the loan to be paid back if you refinance, sell or transfer title to the property.
At the end of the day, guidance is being provided by the FHFA, HUD and the CFPB based on the CARES Act. How the servicer actually communicates this to consumers is where things can get dicey.
If you’re in forbearance because you experienced a true financial due to COVID-19, then just be patient. Continue to try to contact Caliber, but don’t be surprised if it’s difficult to get through.
From the top down, everyone is trying to keep families in their homes. I expect that your servicer will do everything they can to keep you in your home if you are back to work and can resume making your payments.
Hope this helps?
If I have to apply for the forebearance on an automated system, how will they know that I would like to choose to defer the payments(put them at the end of the loan), if I cannot talk to someone. Will they give that option at the time or will I have time to make those arrangements later after I apply?
Hi Sally, it really just depends on whether your loan is Federally backed or not. If your loan is owned by Fannie Mae or Freddie Mac, the COVID-19 Payment Deferral option is available for anyone in forbearance.
The Fannie Mae and Freddie Mac Payment Deferral program beings on July 1st, 2020. Your servicer is supposed to reach out to you within 30 days of the end of your forbearance to discuss workout options.
If your loan is not owned by Fannie Mae or Freddie Mac, and if it’s not FHA, VA or USDA (Government insured or guaranteed loans), your reinstatement options are going to depend on your servicer.
I would start by using the lookup tools from Fannie and Freddie to determine if you’re eligible for the COVID-19 Payment Deferment option. If not, be patient. Caliber has not provided any additional guidance yet about reinstatement, and that may because it’s too early. It’s only been 60 days since the CARES Act was passed.
The last thing I would say is if you go into forbearance and you are still able to make your mortgage payments, continue to make them! If you have experienced a financial hardship due to this national disaster, we are cautiously optimistic that servicers will do everything in their power to keep you in your home.
Check back often for updates, and I would encourage you to take advantage of the digital financial locker that FinLocker is offering here for free. This will give you the ability to monitor your credit scores in real-time, and be able to provide your servicer with your income, assets, credit report, and anything else they may need to determine the best reinstatement option for you.
I hope this helps?
At the end of three months of forebearance, will we need to provide documentation of some kind in order to get an additional three month extension?
Sally, this is a really good question and we simply do not have a clear answer at this point. If your loan is Federally backed, the CAREST Act passed into law on March 27th specifically states that the homeowner does not have to provide proof of hardship. That said, we are hearing reports of servicers requiring a full credit package prior to even allowing the initial forbearance.
We strongly recommend that you be prepared to provide proof of hardship. This may include pay stubs, bank statements, reserve statements, or more. It may take long hold times or multiple attempts to reach your servicer for this, so we are providing all visitors to this site with a free account at FinLocker.
FinLocker allows you to monitor your credit scores for free, as well as have all of your banking, savings, and even employment documentation in a secure, digital “locker” that can be forwarded to your servicer if they ask for information.
You can Learn More Here
If we have enough money in the bank to pay back the missed payments at the end of forebearance, will we not qualify to have the missed payments put at the end of the loan without any changes to our current loan without modification or will we be required to pay it back out of our savings?
I have an FHA loan with Caliber. I’m on a forbearance and won’t be able to pay the missed payments back in a lump sum. Will they let me place the payments at the end of the loan. My income is great but my self employed husband loss pay.
Hi Catherine, while your servicer may explore options for paying those skipped payments back, like a lump sum or spread out over the next 12 months (which increases your monthly payment), but you CANNOT be required to pay it back in a lump sum.
FHA offers what is called a Partial Claim option, which is payment deferment. This means that the skipped payments will be added to the end of the loan in a “balloon” payment that is to be paid back if you sell, transfer title, or refinance the mortgage in the future. The skipped payments do not accrue penalties or interest, it just sits there until you pay it back.
Because your loan is Federally backed, your loan is covered by the CARES Act during your time of financial hardship.
Hope this helps?
So would this be considered a 2nd mortgage? If so how will this effect future purchases like home improvements, refinance etc.
Our Fannie Mae loan is serviced through Caliber. I read the release from Fannie Mae on the new option to defer payments after the forbearance period is over. However, I have not been able to find anything that confirms if the choice is mine as the borrower or is it up to the lender. Can I say I want to defer the payments but Caliber says no? I’m concerned that Fannie Mae has said deferral is just one of many options available which makes it sound like the lender will decide after they look at your personal situation. If it’s up to the lender to decide which option I get that would be a big problem.
Ryan, that is a valid observation. It is our understanding that a COVID-19 Payment Deferral option is available if your loan is backed by Fannie Mae. Caliber, or no servicer for that matter, wants to foreclose on your home. That is a very expensive process and they would like to avoid it at all costs. If there’s a way to keep you in your home and making your payment, they are going to try to find that solution.
Payment Deferral is the easiest way to get you back to making your regular monthly mortgage payments.
Have you contacted Caliber to have this conversation? Don’t be surprised if they ask if you can make all of your skipped payments up at once, or if you can spread those skipped payments out over the then next 12 months (which increases your monthly mortgage payment for that period).
A COVID-19 Payment Deferment option might not be the first thing they offer, but it is available to them and again, I would be shocked if they didn’t take advantage of this program being available to them, so that you can start making regular monthly payments as soon as possible.
I wouldn’t be concerned at this point. You’re informed, and you know what your options are. You should be ok. If Caliber tells you anything different, please come back and let us know. We have contacts with most of the major servicers and we can run this up the chain of command if need be.
Hope this helps?
FIrst I was under the impression that my deferred payments would just be added on to the end of my loan. Now what I am reading is that I will have to pay back ALL THE MONTHS I DEFERRED at the end of 3 months (or 6 months if I get an extension)? How is that helpful to anyone? If I can’t pay my mortgage now because I’m not working, how would I be able to pay 3 months of it if I’m still not working? I live in Hawaii and am employed in the tourism industry. Travel to the islands is HIGHLY RESTRICTIVE and no one is coming here. I don’t foresee an end to this and there are no other jobs available. What should I do?
If I have an insurance claim (total loss-fire) during the forbearance period, will Caliber withhold or apply any of those funds to the unpaid balance? How does that process work?
Hi Spencer, the home being in forbearance at the time of the insurance claim event should not impact your insurance coverage. This would be a question for the insurance company most likely.