Loancare Coronavirus Mortgage Forbearance Information

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Phone: 800-274-6600


Additional Resources: Frequently Asked Questions
Additional Resources: Extend My Forbearance Term

From Servicer Website

COVID-19 Assistance – We’re Here to Help

COVID-19 has impacted everyone, everywhere. In addition to caring for our families, we have to figure out how to make ends meet and keep a roof over our head with limited to no income. It’s overwhelming and you may be wanting to understand what options you have to address your financial uncertainty. Thankfully, help may be available if you’re unable to make your mortgage payment.

Who qualifies for a Forbearance Plan

If you are experiencing financial hardship due to COVID-19, you may qualify for a forbearance plan. Most federally-backed mortgages qualify for forbearance. The easiest way to determine if you qualify is to proceed with the application.

What is forbearance?

A forbearance will allow you to pause or reduce your monthly payment for up to 180 days. No payment will be required, although any amount that you can pay during the forbearance will help reduce the amount you owe at the end of the forbearance term. You’ll have to repay any suspended or reduced payments in the future.

There aren’t any late fees assessed during the forbearance term, and we will not report any payments missed during the forbearance term as “late” to the credit bureaus. If your loan is current at the time of entering into a forbearance plan, then each month you are in the forbearance plan we will report the status of the account to the credit reporting agencies as current.

If, however, your loan was delinquent prior to entering into a forbearance plan, we will maintain that delinquency status during the period of forbearance. If you are able to bring the loan current during the forbearance plan, we will report the account as current.

Approximately 30 day period to the end of the forbearance period, we will contact you to determine the next step that is right for you. You may not be in a position to bring your account current at the end of the forbearance term. There are options available to you to help get you back on track.

If you are unable to repay all missed payments at the end of the forbearance period, we will need to evaluate your loan to determine what payment solutions may be available to you. Depending on the investor guidelines and other requirements applicable to your loan, such payment solutions may include a repayment plan, payment deferral, loan modification, or other approved option.

If you’re able to resume your regularly monthly payments and have a little extra to start paying back the suspended amounts, then a repayment plan may be established. Depending on your situation, you could also request an extension of your forbearance plan for up to an additional 180 days. If you need longer-term relief with your monthly payment, then a loan modification may be available.

FNMA/FHLMC COVID-19 Payment Deferral

Fannie Mae and Freddie Mac’s COVID-19 Payment Deferral workout option, available July 1, 2020, is specifically designed to help borrowers impacted by a hardship related to COVID-19 return their mortgage to a current status after up to 12 months of missed payments. You can resume your monthly payments and the amount of your missed payments moves to the end of the term.

This is a solution that brings your mortgage current, prevents foreclosure, and delays repayment of the mortgage payments you missed during your forbearance plan. If your hardship has been resolved and you are able to resume making your mortgage payments following your forbearance plan, a payment deferral may be the best option to immediately bring your mortgage current.

If you have forbearance questions and would like to speak to a certified housing counselor, please call the Hope Hotline at


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