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From Servicer Website
What is a forbearance plan?
A forbearance plan provides immediate relief to borrowers experiencing a temporary hardship by suspending the required monthly mortgage payments. Offering a forbearance plan allows us to provide assistance quickly by not requiring documents to be submitted for review or additional paperwork to be signed and returned.
The initial forbearance period currently offered for those impacted by COVID-19 is three months. The forborne payments will not be forgiven and will be due at the end of the three-month plan; however, assistance options may be available as outlined below.
What happens at the end of the initial forbearance period?
Before the forbearance plan expires, we will contact you to discuss your current status and determine what options may be available given your situation, which may include:
- Forbearance period extension – in certain cases, additional time may be provided to suspend the required monthly mortgage payment
- Lump sum payment – for those who are able to reinstate the loan, pay the full amount owed from the forbearance period. Please keep in mind that paying what you can during the forbearance period will help offset this amount
- Repayment plan – over a number of months, pay the regular mortgage payment plus an additional amount in order to pay off the full amount owed from the forbearance period
- Loan modification – if you are unable to pay the lump sum or enter a repayment plan, we may be able to offer a loan modification for qualified borrowers
Why is the only option now a forbearance plan?
As a mortgage servicer, PHH Mortgage must comply with guidelines set forth by the entity that is the owner or investor of the mortgage. These entities include Fannie Mae, Freddie Mac, Veterans Affairs (VA), Federal Housing Administration (FHA) and other private companies.
The major mortgage investors are offering forbearance for customers who need assistance during the COVID-19 pandemic. The guidelines and rules are evolving, and we will keep you apprised of changes and if additional options become available. Prior to the end of the forbearance period, we will review with you all available options at that time.
Ready to proceed with an assistance request?
Please complete and submit the form below if you wish to notify us that it is not possible to make the required monthly mortgage payments due to COVID-19. After our team has reviewed the request, we will respond as quickly as possible and either mail a notice detailing the forbearance offer, or if your situation does not meet the requirements for a forbearance plan, we will notify you and outline your mortgage assistance options.
Please know that we are working as quickly as possible, but turnaround times may be as long as 10 days due to high volume. We apologize in advance for any delays.
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