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Additional Resources: Mortgage Options COVID-19 Hardships (download PDF)
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From Servicer Website
Managing your mortgage through COVID-19
If you are facing financial difficulty and have trouble paying your mortgage, we will work with you to find the right payment option for your circumstances. None of the options provide permanent payment forgiveness but they will help you manage your payments during and after your hardship.
We are facing an unprecedented time in our country, and around the world, with the spread of COVID-19.
We recognize this is a stressful time for you and your family, and that you may need assistance from Home Point Financial as the servicer on your mortgage loan.
Home Point’s mission is to create financially healthy homeowners and now, more than ever, we recognize how critical that mission is. We are here to support and guide you as the situation continues to evolve.
We will be as transparent as possible with you about your mortgage options if you are facing financial difficulty and have trouble paying your mortgage. This includes doing our best to educate you on the benefits and drawbacks of each payment alternative and its impact on your financial health.
What special programs are in place and do I qualify?
If you are experiencing hardship due to COVID-19 we will work with you to find the best option for your circumstances.
Here is an overview of available mortgage options:
- Cash-out refinance
- Short-term repayment plan
- Streamlined loan modification
- Standard loan modification
It’s important to know that Home Point doesn’t own your loan, we are the servicer on your loan.
This means we are responsible for collecting your payments, managing escrow accounts for property taxes and insurance, communicating loan information and doing what we can to ensure you can stay in your home. We want to work with you to find the best solution for your circumstances.
Please know that we are limited to offering the payment options set by the owners of your loan, which are the major mortgage investors, like Fannie Mae, Freddie Mac, and government agencies like the FHA, VA, and USDA.
As this situation evolves, our team is working closely with them to recommend additional alternatives to help people experiencing financial hardship stay in their homes.
What is forbearance?
A forbearance is an option that is available for borrowers experiencing temporary hardship. A forbearance plan is an agreement that allows customers to make reduced mortgage payments or no mortgage payment at all for a period of time, based on their ability to pay during the plan’s term.
At the end of the plan, you will need to make up all the payments, either in one lump sum or by entering into a repayment plan that will temporarily increase your monthly payment.
If you cannot afford to pay the entire lump sum at once and cannot afford a repayment plan, Home Point will attempt to work with you to find other options that may be available. The availability of repayment plans and other options will depend on what your situation is at the end of the plan.
Under a forbearance plan, you will not receive late fees and credit reporting will be temporarily suppressed during the plan’s term. Please note that during the term of your plan, you will continue to receive billing statements and other legally required notices.
What is deferment?
A deferment allows you to move your loan payments to the end of the loan. Depending on the type of deferment, the missed loan payments could be added to the end of your loan as a lump sum or “balloon” payment, or the term of your loan could be extended by the number of payments you didn’t make. For example, if you were unable to make three payments, your loan term would be extended by three months.
Who should consider forbearance?
A forbearance plan may be a good option if you are facing financial hardship because of COVID-19 and are unable to afford your monthly mortgage payment.
What options are available within your forbearance plans?
Home Point offers two and three-month forbearance options. If you need a longer option, there is an option to extend financial relief through an extended forbearance, loan modification, or a repayment plan. Longer initial plans are also available, but may not work best for your situation.
What are the benefits of forbearance?
Forbearance offers instant, temporary payment relief for borrowers without late fees or negative credit reporting.
When should I not consider a forbearance plan?
With a forbearance, you will need to make up all your missed payments at the end of the forbearance period, and this may be difficult to do. If you are not facing financial hardship because of COVID-19 and do not have other pressing financial needs outside of your mortgage, you should continue to make regular mortgage payments.
What documentation do I need to show that I am impacted financially by COVID-19?
No documentation is necessary for us to review you for a forbearance plan. However, if you are still experiencing hardship at the end of the plan, we may require documentation to identify other options to help resolve your situation.
How do I apply and set up my forbearance?
By logging in to your Home Point account at my.hpfc.com and filling out a short form regarding your status, we may be able to enroll you online.
Will my credit be affected?
Home Point will suppress negative credit reporting to the credit reporting agencies throughout the duration of the plan.
What happens to my credit if I extend my forbearance?
If you need to extend your forbearance, please call us about two weeks before your forbearance is scheduled to end. We will continue to suppress negative reporting throughout the entire plan as long as you extend the plan prior to the initial plan being complete. If you allow your plan to end for a period and then decide you need more time, negative credit reporting may occur during that gap period.
What happens if I need longer than my initial forbearance plan?
If you find that your initial forbearance plan is not long enough, you can contact us at least two weeks before the end of your plan so that we can try to work with you on additional options. These options may include an extension to your forbearance plan or evaluation for other options to resolve the outstanding amount.
Could I face foreclosure during forbearance?
No, once you are approved for a forbearance plan, foreclosure activity is put on hold, if applicable. Additionally, even if you are not approved for a forbearance plan or decide a forbearance plan is not right for you at this time, there is a nationwide moratorium on foreclosure and eviction activity for owner-occupied residences through at least May 17, 2020. Your state may have additional protections in place.
Can I cancel or shorten my forbearance plan?
Yes, you can cancel or shorten your plan by calling us. Your plan will end on the first of the month following completion of your request. You will then be due for the delayed payments, and your monthly required payments will resume. Keep in mind that late fees may be assessed, or your credit reporting may be negatively impacted if you do not make your catch-up payments and resume making your normal monthly payment.
If you have forbearance questions and would like to speak to a certified housing counselor, please call the Hope Hotline at 995Hope.org
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