mobileapp-faqs-en
[{“question”:”1. I cannot make my mortgage payment(s) due to the financial impact of COVID-19. Is there help available?”,”answer”:”Yes. CLS and other financial firms have been working with federal agencies and private investors to ensure that we can provide assistance to homeowners financially impacted by the COVID-19 pandemic. As of now, all residential loans serviced by CLS are eligible for a Forbearance Plan that were not previously on forbearance and did not exceed the months of forbearance or the maximum allowed months of delinquency depending on Investor. There are multiple programs available based on investor eligibility requirements for post-forbearance assistance.
This is important information about available assistance and significant decisions you must make related to this assistance. We recommend the following:
- Watch the short videos linked below from the Consumer Financial Protection Bureau (CFPB).They are informative and helpful for those learning about forbearance and their options.
CLICK HERE for an informative video from the CFPB on the CARES Act Forbearance Plan<\/strong><\/a>CLICK HERE to view a ‘Guide to Coronavirus Mortgage Relief Options’ from the CFPB<\/a><\/strong><\/li>
- We recognize that while these programs are designed to offer significant relief to customers financially impacted by COVID-19, they are also somewhat complex. This FAQ is meant to help answer questions and explain the programs and options. If at any time you are confused or feel like you need assistance, we encourage you to contact us at the numbers listed here, or if you prefer, for independent advice from a non-profit housing counselor, please click on this link to find one in your area:
- We also recognize that our Community may be impacted in other ways, besides just their mortgages. For helpful links to information on other forms of assistance available, please visit our public service site here:
CLICK HERE to view Helpful Links and Resources (including information on scams) on CommunityLoanServicingCares.com<\/strong><\/a><\/li><\/ul>For those who would prefer a graphic\/visual summary of the COVID-19 Forbearance Plan and Post-forbearance Assistance Options, please CLICK HERE<\/a>.”},{“question”:”2. What is the COVID-19 Forbearance Plan?”,”answer”:”Initiated under the CARES Act and further expanded by recent Executive Orders, the COVID-19 Forbearance Plan allows a mortgagor (a borrower) to pause\/delay making payments on his\/her loan for a certain period of time without the penalties normally associated with not making payments. It is important to note that payments paused\/delayed under a Forbearance Plan are NOT waived or forgiven, but will need to be repaid through one of the post-forbearance assistance programs. The amount of paused\/delayed payments will not be due in one lump sum at the end of the Forbearance Plan.
The Forbearance Plan program currently follows this schedule:
- Initial Period of up to 180 Days \u2013 Must be requested, granted based on attestation of financial impact from COVID-19<\/li>
- Second Period of up to 180 Additional Days \u2013 Must be requested, granted based on attestation of financial impact from COVID-19<\/li>
- Third Period of up to 90 Additional Days \u2013 Must be requested, granted based on attestation of financial impact from COVID-19, investor eligibility requirements apply<\/li>
- Fourth Period of up to 90 Additional Days \u2013 Must be requested, granted based on attestation of financial impact from COVID-19, investor eligibility requirements apply<\/li><\/ul>
Because all paused payments will need to be repaid through payment deferral, loan modification, repayment plan, or a reinstatement depending on the post-forbearance assistance programs approved by your loan investor, we strongly encourage you to stay in touch with us for updates throughout the program and let us know as soon as your situation changes.* The longer your Forbearance Plan continues, the greater number of paused payments will need to be included in the post-forbearance assistance program, to the extent it is available. Community will be here to assist you in evaluating the options available to you at the end of the Forbearance Plan period. No one will be required to immediately \u201cmake-up\u201d the paused payments, all at once or in a \u201clump sum\u201d.
If after the initial 180 days, your ability to make payments has not improved, you may request an additional period of up to 180 days, but you are required to specifically request that second 180-day period. If, at the end of 360 days, your situation has unfortunately still not improved, you may request a third extension period that may be up to 180 additional days (in up to two 90-day increments, each of which requires attestation) depending on investor eligibility requirements. We will continue to develop automated methods for you to communicate your status to us. Please continue to visit our website for updates.
Please note that each extension period is contingent on your contacting us and attesting to continued financial impact from COVID-19. The forbearance cannot be extended<\/u> without contact from you.<\/strong>
*It is important to note that for those loans that had delinquent (past due) amounts at the time of entering into the Forbearance Plan, for most states and investors, any delinquent amounts in existence prior to this Forbearance Plan are required to be included in the evaluation and determination of the appropriate post-forbearance assistance program. Any such assistance is meant to help you bring the loan current, with no remaining past due amounts. Some state-specific deferral programs as described herein, are an exception and may not bring your loan current.”},{“question”:”3. Who qualifies for a COVID-19 Forbearance Plan?”,”answer”:”ALL<\/u> OF COMMUNITY\u2019S RESIDENTIAL LOANS QUALIFY FOR A COVID-19 FORBEARANCE PLAN.<\/b>
Under the CARES Act, you qualify for the Emergency Assistance Forbearance Plan if you have a federally-backed loan (Fannie Mae, Freddie Mac, FHA, VA, USDA) or the investor (owner) of your privately-backed loan has agreed to participate in the program. Additionally, COVID-19 must have impacted your ability to make your mortgage payment and your property must fall into one of the following categories:
- A single-family residence;<\/li>
- A 1-4 family residence; or<\/li>
- An individual unit of a condominium or cooperative.<\/li><\/ul>Community has worked closely with each of our privately-backed loan investors and obtained everyone\u2019s agreement to participate in this program. All Community loans falling into the above categories will receive CARES Act protection regardless of investor (owner) type.
Additionally, Community has worked with our privately-backed loan investors and they have each agreed to participate in the February 2021 updated guidelines that added a third up to six-month forbearance period program (in up to two 90-day increments, each of which requires attestation) subject to investor eligibility requirements.”},{“question”:”4. How do I know if I have a federally-backed (government-backed) loan?”,”answer”:”Although Community has arranged for all of the eligible residential loans serviced by Community to follow the CARES Act and additional extension period guidance for certain customers meeting investor eligibility requirements, you may still see if your loan is government-owned by visiting these sites:
- Fannie Mae (FNMA) Loan Check: https:\/\/www.knowyouroptions.com\/loanlookup<\/a><\/li>
- Freddie Mac (FHLMC) Loan Check: https:\/\/loanlookup.freddiemac.com\/<\/a><\/li><\/ul>For those customers with federally-backed loans, we recommend visiting the following informational sites from the government agencies:
- Fannie Mae (FNMA): Know Your Options: https:\/\/www.knowyouroptions.com\/<\/a><\/li>
- Fannie Mae (FNMA): Disaster Response Network: https:\/\/www.knowyouroptions.com\/get-help-overview\/disaster-recovery-help-for-homeowners<\/a><\/li>
- Freddie Mac (FHLMC): Relief for Homeowners:https:\/\/myhome.freddiemac.com\/getting-help\/relief-for-homeowners.html<\/a><\/li><\/ul>“},{“question”:”5. What are the criteria you will use to determine my forbearance?”,”answer”:”Eligibility for forbearance plans is based on a review of the following:
- Whether you have been financially impacted by COVID-19. All that is required is your attestation that you have been financially impacted by COVID-19. You are not required to have been physically ill with the disease and no documentation or verification is required.<\/li>
- Whether your loan is residential or commercial. The CARES Act only covers residential loans, however most commercial loans are eligible for other forms of forbearance.<\/li>
- Whether your property has been abandoned. Abandoned property may not be eligible for a forbearance.<\/li><\/ul>“},{“question”:”6. I am reaching the end of 12 months on a Forbearance Plan, am still financially impacted by COVID-19, and not able to resume making payments; can I extend my Forbearance Plan for additional time?”,”answer”:”Residential mortgages at Community may be eligible for up to an additional six-month extension (in up to two 90-day increments, each of which require attestation) of COVID-19 forbearance. This additional six-month extension allows customers meeting investor eligibility requirements to be on a Forbearance Plan for a total of up to 18 months. Eligibility for the extension is limited to customers who are in a COVID-19 Forbearance Plan as of February 28, 2021 and who do not have more than a combined total of 18 months of missed payments (from before the forbearance plan) and\/or paused payments (from during the forbearance). In other words, all unpaid payments both from before the Forbearance Plan and during the Forbearance Plan must be taken into account.
It is critical to note that entering or extending the Forbearance Plan is NOT automatic. You must contact us to begin or extend any Forbearance Plan.”},{“question”:”7. I was previously on a Forbearance Plan and ended it when my situation improved even though I still had time left on the Plan, but now I am financially impacted by COVID-19 again; what are my options?”,”answer”:”Qualifying loans have up to 360 days of initial forbearance available that are not required to be consecutive. In other words, you may end a Forbearance Plan when ready, and, at a later date, if you become financially impacted again, current guidelines allow you to start another Forbearance Plan as long as you have not reached 12 months total on forbearance. For example, a customer who ends an initial forbearance after 9 months and meets investor eligibility requirements would have 3 months remaining available under the program for use at a later time. Under the February 2021 updated guidelines, customers meeting investor eligibility requirements who are on an active forbearance as of February 28, 2021 and who attest to continued financial impact from COVID-19 may have up to an additional 180 days (in up to two 90-day increments, each of which requires attestation) available for future use above and beyond any time left under the 360-day allowed period.
Under the February 2021 updated guidelines, each separate forbearance period will receive post-forbearance assistance program options to bring the loan current, depending on meeting investor eligibility requirements. If you resolved one period of forbearance with a post-forbearance assistance program option (a deferral, for example) and after resolution are again financially impacted by COVID-19 and start another Forbearance Plan, at its conclusion, you may be evaluated for another COVID-19 post-forbearance assistance program option (including another deferral, for example), depending on investor eligibility requirements.”},{“question”:”8. What if I have an FHA loan?”,”answer”:”FHA loans are covered under the CARES Act and entitled to the same forbearance protections as other loans at CLS. When the Forbearance Plan and available extensions end, there are many options available such as, for example, partial claims (payment deferral), and no-document-required\/ document-required modifications for both owner-occupied and non-owner-occupied properties (all based on investor eligibility requirements). FHA does not require lump sum repayment at the end of the forbearance. Here is a summary of assistance options that may be available. If you have an FHA loan and have questions about a Forbearance Plan and\/or Post-forbearance Assistance Programs, please contact us (800)457-5105 Monday \u2013 Friday 8am-9pm ET.:
COVID-19 Recovery Loan Modification<\/strong>
- Brings the loan current and targets a minimum Principal and Interest payment reduction of 25%<\/li>
- Typically, includes the past-due amounts in the active loan balance and permanently changes (\u201cmodifies\u201d) the interest rate and\/or term (\u201clength\u201d) of the loan in order to reduce the regular monthly Principal and Interest payment amount due each month for the remainder of the loan<\/li>
- In most instances this Modification program requires a combination of the these two approaches:
- Partial Claim – Putting a portion of the past due amounts into a special, non-interest-bearing subordinate (or \u201csecond\u201d) lien due at the end of the loan as described above, with<\/li>
- Loan Modification – Including a portion of the past-due amounts in the active loan balance and permanently changing the interest rate and\/or term of the loan as described above<\/li><\/ul><\/li>
- In most cases, the full outstanding amount due will be included in the Partial Claim and no unpaid amounts will be added to the Loan Modification calculation.<\/li>
- If the combination described above is required, it will be reflected in the documents you will receive upon making this selection<\/li>
- All Late Charges, fees, and penalties are waived. CLS is voluntarily waiving ALL late fees, even those from before the forbearance<\/li>
- If not previously a fixed-rate loan, must be converted to fixed-rate \u2013 adjustable-rate and other similar loan types must be converted<\/li>
- Missed Escrow payments as well as any gap between what is owed and projected to be owed due to changes in insurance and\/or taxes will be included in the calculations for this option<\/li><\/ul>COVID-19 Recovery Standalone Partial Claim<\/strong>
- Brings the loan current<\/li>
- Puts the past due amounts in a special subordinate (or \u201cjunior\u201d) lien that does not need to be repaid until the mortgage ends, which, for most, is when the home is sold, the last payment is made, or the mortgage is refinanced \u2013 this is a balloon payment due at the end of the loan<\/li>
- Waives all Late Charges, fees, and penalties. CLS is voluntarily waiving ALL late fees, even those from before the forbearance<\/li>
- NOTE: No interest is charged on this special subordinate lien<\/li>
- Missed Escrow payments as well as any gap between what is owed and projected to be owed due to changes in insurance and\/or taxes will be included in the calculations for this option<\/li><\/ul>FHA Home Affordable Modification Program (FHA-HAMP) Combination Loan Modification and Partial Claim (Full Documentation Required)<\/strong>
- Similar to the above, \u201cCOVID-19 Recovery Modification\u201d but with potential for deferment of principal.<\/li>
- Additionally, certain documentation regarding income and expenses, such as pay stubs and\/or bank statements, is required<\/li>
- Missed Escrow payments as well as any gap between what is owed and projected to be owed due to changes in insurance and\/or taxes will be included in the calculations for this option.<\/li><\/ul>Loan Reinstatement<\/strong>
NO ONE IS REQUIRED TO SELECT THIS OPTION.
- Brings the loan current<\/li>
- This is a generally available program that is not tied to COVID impact<\/li>
- Requires full repayment of all past-due amounts including paused payments in one payment<\/li>
- Returns loan to same status as prior to the Forbearance Plan or most recent delinquency<\/li><\/ul>COVID-19 Recovery Non- Occupant Loan Modification<\/strong>
- Only for property that is not occupied by an owner<\/li>
- Allows for the unpaid interest, escrow advances and any escrow shortfall to be included into the loan balance<\/li>
- Interest rate is reduced to the current market interest rate if lower than existing rate on the loan<\/li>
- Extends the term of the loan to up to 360 months<\/li>
- Converts the loan to a fixed-rate loan, if not already fixed-rate<\/li><\/ul>It is important to note that this option may result in higher monthly payment
The above is a summary of the programs that may be available based on your loan\u2019s specific situation. There are additional guidelines and requirements to qualify. Please contact us (800)457-5105 Monday \u2013 Friday 8am-9pm ET so that we can provide additional details and help you select the BEST option for your circumstances.”},{“question”:”9. Are bankruptcy accounts eligible?”,”answer”:”Yes. If you or a co-borrower on the loan are currently in an active bankruptcy case involving your loan, when you enter a forbearance agreement, CLS will file a Notice of Forbearance Agreement with the Bankruptcy Court, and you and\/or your co-borrower may be required to reorganize your confirmed bankruptcy plan to include all forbearance payments.”},{“question”:”10. How do I get the COVID-19 Forbearance Plan?”,”answer”:”To determine eligibility and apply for the COVID-19 Forbearance Plan, register and\/or login to www.dev.communityloanservicing.com and follow the link that appears on your dashboard. If the link directs you to call us, please call to determine eligibility and apply. You may also call us at (800)457-5105.
PLEASE NOTE: Once you have applied and been approved for the Forbearance Plan, you will receive a confirmation letter in the mail within approximately seven to ten business days. There is no need to call to confirm.”},{“question”:”11. What are my rights if I disagree with your determination?”,”answer”:”If you believe you meet the investor eligibility requirements and were denied a forbearance, you may appeal the determination by contacting Customer Support at (800)457-5105 or write to:
Community Loan Servicing
Customer Support Department
4425 Ponce de Leon Boulevard, 5th Floor
Coral Gables, FL 33146You may also contact us with your appeal online here: www.dev.communityloanservicing.com\/contact-us\/<\/a>
Please note that forbearance plan guidelines as well as post-forbearance assistance programs are determined by the terms of the CARES Act, requirements from Government-Sponsored Entities (e.g., Fannie Mae, Freddie Mac, etc.), and\/or private investor loan owners. These investor eligibility requirements are implemented and followed by Community Loan Servicing.”},{“question”:”12. Will I be charged late fees or additional interest for pausing my payments during the Forbearance Plan?”,”answer”:”No. During your Forbearance Plan, late fees will not be charged for the payments paused under the plan, and no additional interest will be charged for those payments. Just the regular principal and interest payments as well as any paused escrow amounts will need to be repaid through payment deferral, loan modification, repayment plan, or a reinstatement, or other possible post-forbearance assistance program at the end of the forbearance period depending on the options approved by your loan investor.* The post-forbearance assistance programs have features to assist with any escrow (e.g. taxes and insurance) account balance shortfall that may be due to the paused payment of the monthly escrow amounts during the Forbearance Plan. No one will be required to immediately \u201cmake-up\u201d the paused escrow payments, all at once or in a \u201clump sum\u201d.
Depending on the applicable post-forbearance assistance program available based on each customer\u2019s specific situation, these features may include but are not limited to:
- Escrow advances made by Community on your behalf to pay real estate taxes and\/or insurance premiums due during your forbearance period may be deferred until the loan is paid off through a refinance, home sale, end of term, or other method<\/li>
- Inclusion of the escrow amounts due in the total amount owed when a new payment amount is calculated as part of a loan modification (capitalization)<\/li>
- Repayment of the escrow amounts due over time by dividing the total amount of escrow shortage into smaller amounts to be paid back monthly over a set period of time until the total escrow amount outstanding is repaid.<\/li><\/ul>Community will be here to assist you in evaluating the options available to you at the end of the Forbearance Plan period.
*It is important to note that for those loans that had delinquent (past due) amounts at the time of entering into the Forbearance Plan, for most states and investors, any delinquent amounts in existence prior to this Forbearance Plan are required to be included in the evaluation and determination of the appropriate post-forbearance assistance program. Any such assistance is meant to help you bring the loan current, with no remaining past due amounts. Some state-specific deferral programs as described herein, are an exception and may not bring your loan current.”},{“question”:”13. When will you waive the late fees on my mortgage account?”,”answer”:”Upon acceptance of the Forbearance Plans, all late fees attributable to paused payments will be automatically waived on the date that they would normally be charged. It is important to note that any unpaid late fees that were incurred prior to the declaration of National Emergency will remain in place and will not be retroactively waived unless done so as part of a post-forbearance loan modification or payment deferral.”},{“question”:”14. Will my credit be affected during the forbearance?”,”answer”:”If your loan is current at the time of entering into the Forbearance Plan, then each month you are in the Forbearance Plan, the loan will be reported to the credit reporting agencies as current. If, however, your loan is delinquent at the time of entering into the Forbearance Plan, the loan will be reported to the credit agencies with that same delinquency status during the period of the Forbearance Plan. If you are able to bring the loan current during the Forbearance Plan, the loan will then be reported as current to the credit agencies.”},{“question”:”15. How long is the forbearance period?”,”answer”:”The forbearance period consists of a 180-day initial period. Upon request, an additional 180 days are available, for a total, initial forbearance period of 360 days. While all of our residential mortgage customers are entitled to and may request the additional period of up to 180 days, you are required to specifically request that second 180-day period and attest to continued financial impact from COVID-19. Under the February 2021 updated guidelines, an additional forbearance period of up to another 180 days (in up to two 90-day increments, each of which requires attestation) has been made available for customers who meet investor eligibility requirements. Please continue to visit our website for updates.
It is important that you know that the total unpaid amount of your monthly mortgage payments are not waived under this Forbearance Plan. The payments that are the subject of the Forbearance Plan have only been delayed, not forgiven. However, no one will be required to immediately \u201cmake-up\u201d the paused payments, all at once or in a \u201clump sum\u201d.”},{“question”:”16. What options may be available to me at the end of the Forbearance Plan if I do not have an FHA loan?”,”answer”:”Please note that in some states\/districts there are additional or different post-forbearance assistance programs available aside from those listed here. A summary of those state-specific programs is presented below, after this question.
If you reach the end of the Forbearance Plan and cannot bring your balance current, you may have a few options, based on investor eligibility requirements:
- Extend \u2013 All of our residential loans have the option to continue the forbearance period for up to 180 additional days (up to 360 days total) upon request and attestation of continued financial impact from COVID-19. If, after the first 360 days on forbearance, additional forbearance time is needed, up to an additional 180 days is now available for qualifying customers (in up to two 90-day increments, each of which requires attestation).<\/li>
- Defer Payments (Payment Deferral) \u2013 Those who are eligible can resume regular monthly principal and interest payments and the amount of paused principal and interest payments, together with amounts advanced (paid) on your behalf to pay taxes and\/or insurance premiums, move to the end of the loan term. The investor eligibility requirements are determined by the investor in the loan and implemented by Community.<\/li>
- Modify the Loan Terms \u2014 Changing your loan\u2019s original terms (including interest rate and\/or length of loan) may be adjusted to provide a manageable and affordable payment and cover the amount owed.* The investor eligibility requirements are determined by the investor in the loan and implemented by Community. Enter a Repayment Plan \u2014 Over a set number of months (for example, 3, 6, 9, 12 months), an extra amount will be added to your regular mortgage payment. The extra monthly amounts will add up to the amount of the payments that were paused.* Upon completion of the repayment plan, you can continue to pay your mortgage under the terms originally agreed to before the forbearance.<\/li>
- Reinstate (Full repayment) \u2013 Those who are able to afford to do so, should catch up on all of the missed payments in a single payment. If you choose to reinstate your loan, you can continue to pay your mortgage under the terms originally agreed to before the forbearance.<\/li><\/ul>No one will be required to immediately \u201cmake-up\u201d the paused payments, all at once or in a \u201clump sum\u201d. Community Loan Servicing is working with the government agencies and investors to maximize the opportunities our customers have to get back on track at the end of the forbearance period.*It is important to note that for those loans that had delinquent (past due) amounts at the time of entering into the Forbearance Plan, for most states and investors, any delinquent amounts in existence prior to this Forbearance Plan are required to be included in the evaluation and determination of the appropriate post-forbearance assistance program. Any such assistance is meant to help you bring the loan current, with no remaining past due amounts. Some state-specific deferral programs as described herein, are an exception and may not bring your loan current.”},{“question”:”17. Are there other relief programs available in my state\/district?”,”answer”:”Currently, there are additional programs available for customers with loans on residential property in the following locales: Massachusetts, New York, Oregon, and Washington, DC. We will update this list if\/when other local programs are made available. Below is a list and description of the programs available in each of these locations.
Other than for the state of Oregon, please note the options below are only available on loans that are NOT government-owned (Fannie Mae, Freddie Mac or other similar agencies). To see if your loan is government-owned, please visit these sites:
- Fannie Mae (FNMA) Loan Check: https:\/\/www.knowyouroptions.com\/loanlookup<\/a><\/li>
- Freddie Mac (FHLMC) Loan Check: https:\/\/loanlookup.freddiemac.com\/<\/a><\/li><\/ul>Massachusetts<\/strong>
Massachusetts Payment Deferral Option\u2013 For those who are not eligible for the deferral program listed above, this option defers the unpaid amount (monthly principal and interest payments combined with amounts advanced (paid) on your behalf to pay taxes and\/or insurance premiums), that accrued only during the forbearance period. These amounts are combined into a non-interest bearing balloon that is payable at maturity or earlier payoff of the loan. This option does not cure the delinquency on its own, as the delinquent payments prior to the forbearance period are not included in the deferment amount. Community will work with you in an effort to resolve the pre-existing amount under the investor eligibility requirements Community must follow.
New York<\/strong>
New York Loan Term Extension\u2013 If the home securing your loan is your primary residence, you may extend the loan term for a length of time equal to the length of your Forbearance Plan.*
New York Life of Loan Repayment Plan \u2013 If the home securing your loan is your primary residence, the amount of paused payments due during your Forbearance Plan is divided into equal parts over the remaining term of your loan and added to your regular payment.*
New York Deferral Program \u2013 If the home securing your loan is your primary residence, and you do not accept one of the options above, the amount of paused principal and interest payments accumulated during the forbearance period may be moved to the end of the loan term in a non-interest bearing account to bring the loan current.*
*Note: The New York Loan Term Extension, New York Life of Loan Repayment Plan and New York Deferral Program will not cure any delinquency that existed prior to entering into your Forbearance Plan. Community will work with you in an effort to address and resolve the pre-existing amount under the investor eligibility requirements Community must follow.
Oregon<\/strong>
Oregon COVID-19 Deferral Program \u2013 The amount of paused principal and interest payments during the Emergency Period, extended through December 31st, 2021, together with amounts advanced (paid) on your behalf to pay taxes and\/or insurance premiums, are moved to the end of the loan term in a non-interest bearing account to bring the loan current. Note: This Deferral Program will not cure any delinquency that existed prior to entering into your Forbearance Plan. Community will work with you in an effort to address and resolve the pre-existing amount under the investor eligibility requirements Community must follow.
Washington, D.C.<\/strong>
Washington, D.C. Deferral Program – For those who are not eligible for the deferral program listed above, this option provides for the amount of paused principal and interest payments, together with amounts advanced (paid) on your behalf to pay taxes and\/or insurance premiums, to be moved to the end of the loan term in a non-interest bearing account balloon. This balloon is payable at maturity or earlier payoff of the loan. Although the Washington D.C. law provides for the right to repay the paused forbearance payments within a three (3) year period following the expiration\/termination of your Forbearance Plan, Community Loan Servicing is providing you with a more beneficial full deferral to the end of your loan. This Deferral Program will not cure any delinquency that existed prior to entering into your Forbearance Plan. Community will work with you in an effort to address and resolve the pre-existing amount under the investor eligibility requirements Community must follow.”},{“question”:”18. How will any paused escrow payments be addressed at the end of the forbearance?”,”answer”:”The post-forbearance assistance programs have features to assist with any escrow (e.g., taxes and insurance) account balance shortfall that may be due to the paused payment of the monthly escrow amounts during the Forbearance Plan. No one will be required to immediately \u201cmake-up\u201d the paused escrow payments, all at once or in a \u201clump sum\u201d. Depending on the applicable post-forbearance assistance program available based on each customer\u2019s specific situation, these features may include but are not limited to:
- Deferral: Escrow advances paid by Community on your behalf for real estate taxes and\/or insurance premiums due during your forbearance period may be deferred until the loan is paid off through a refinance, home sale, end of term, or other method<\/li>
- Capitalization: Inclusion of the escrow amounts due in the total amount owed when a new payment amount is calculated as part of a loan modification<\/li>
- Repayment: Dividing the total amount of escrow shortage into smaller amounts to be paid back monthly over a set period of time until the total escrow amount outstanding is repaid<\/li><\/ul>Community will be here to assist you in evaluating the options available to you at the end of the Forbearance Plan period.”},{“question”:”19. What fees are associated with each option?”,”answer”:”Community Loan Servicing does not charge any fees associated with forbearance plans, modifications or other forms of mortgage assistance. For those on forbearance plans, no late fees will be charged for the paused payments.”},{“question”:”20. The CARES Act provides for an initial forbearance period of up to 180 days. Why does Community Loan Servicing want to stay in touch with me during the forbearance?”,”answer”:”This pandemic is a difficult situation for everyone and something that no one has experienced in modern times.Community wants everyone to rest assured that the relief for the full period allowed is absolutely available to those whose loans are eligible and qualify under investor eligibility requirements.However, because all of the paused payments will need to be repaid at the end of the forbearance through payment deferral, loan modification, repayment plan, or a reinstatement or other possible post – forbearance assistance programs depending on the options approved by your loan investor, it is extremely important that you get your loan back on track as soon as possible.*Community is here to work with you to reevaluate the situation in an attempt to minimize the long – term financial burden of having received this assistance.
We want to check in with you to make sure you are aware of the choices you have as time progresses. All of our customers who continue to be economically impacted by COVID – 19 will be able to continue the forbearance up to 360 days in total just as the program allows, and for those who qualify under investor eligibility requirements, the third forbearance extension period of up to 180 additional days( in up to two 90 – day increments, each of which requires attestation) will also be available.However, those who are eligible must contact us to activate each additional extension period and to determine eligibility under investor eligibility requirements for the third 180 – day period(which will be provided in up to two 90 – day increments, each of which requires attestation) if needed.During this time, Community will be sending letters with updates, please review and reach out if you have questions.
* It is important to note that for those loans that had delinquent(past due) amounts at the time of entering into the Forbearance Plan, for most states and investors, any delinquent amounts in existence prior to this Forbearance Plan are required to be included in the evaluation and determination of the appropriate post – forbearance assistance program.Any such assistance is meant to help you bring the loan current, with no remaining past due amounts.Some state – specific deferral programs as described herein are an exception and may not bring your loan current.”},{“question”:”21. I have mortgage insurance. Will the Forbearance Plan affect it?”,”answer”:”This, as well as any Forbearance Plan, may extend the number of months you must pay on time to cancel your Private Mortgage Insurance (PMI) or FHA Mortgage Insurance Premium (MIP).”},{“question”:”22. I was delinquent on my mortgage prior to COVID-19. Can I still qualify for the Forbearance Plan?”,”answer”:”Yes. The Forbearance Plan is available to all affected customers who qualify under investor eligibility requirements, including those who were delinquent prior to the declaration of a National Emergency. You should know though, that the length of your prior delinquency and the accrued amount owed due to the delinquency, when combined with the amount of the paused payments during the Forbearance Plan may impact which options are available at the end of the Forbearance Plan.”},{“question”:”23. I am on an active trial modification, different Forbearance Plan or other workout plan. Will the COVID-19 Forbearance Plan affect it?”,”answer”:”Yes. If you opt for this new Forbearance Plan, any other plan you\u2019re on will be cancelled. You may reapply at the end of your Forbearance Plan, but we have to advise you that there is no guarantee that the program you are currently on will be available then or that you\u2019ll be approved for any new programs. However, we will work with you to identify and explain all of your options available at that time.”},{“question”:”24. I am on a Home Affordable Modification Plan (HAMP). Will the Forbearance Plan affect my incentive payments?”,”answer”:”As long as you repay the paused payments at the end of the forbearance via payment deferral, repayment plan, or reinstatement, you will not lose incentives under a HAMP modification.”},{“question”:”25. I received principal forgiveness as part of my permanent HAMP loan modification. Will the Forbearance Plan affect it?”,”answer”:”As long as you bring your loan current at the end of the Forbearance Plan via payment deferral, repayment plan, or reinstatement, you will continue to receive principal forgiveness.”},{“question”:”26. How will the various post-forbearance assistance programs affect my HAMP status?”,”answer”:”As long as the loan is brought current at the end of the forbearance via a payment deferral, a repayment plan, or a reinstatement, you will not lose incentives and will continue to receive any existing principal forgiveness under your prior HAMP modification. If, however, the loan is brought current at the end of the forbearance via a loan modification, your incentives and any existing principal forgiveness would end.”},{“question”:”27. Can my house be foreclosed on or can I be evicted?”,”answer”:”No, for as long as the moratorium remains in effect or you remain on a Forbearance Plan. Currently, the government moratorium on all foreclosure sales and evictions is in effect through June 30, 2021.”},{“question”:”28. Will I continue receiving a billing statement while on the Forbearance Plan?”,”answer”:”Yes. We will continue to send you a standard monthly billing statement every 30 days as required. The statement will show the regular contractual amount due each month. For loans that were current at the beginning of the Forbearance Plan, the Total Amount Due will reflect the accrued Forbearance amount. For loans that were delinquent at the beginning of the Forbearance Plan, the Total Amount Due will reflect the delinquent amount at the beginning of the Forbearance Plan plus the accrued Forbearance amount. In the Important Messages section at the end of the Statement, there will be a message indicating that you are on an active Forbearance Plan. You are also able to download your billing statements when you register and\/or login to our website at https:www.dev.communityloanservicing.com<\/a>“},{“question”:”29. Do I have to cancel my auto-pay during the Forbearance Plan period?”,”answer”:”When possible, Community will automatically cancel your auto-pay. However, if the automatic withdrawal is scheduled near in time to your approval for the Forbearance Plan, we may not be able to prevent it from happening. If this does occur, please contact us to have the withdrawal reversed.
If, after you are approved for the Forbearance Plan, you see that your auto-pay is not cancelled, it would be prudent to take steps to cancel it yourself.
It is important to note that if you have scheduled for automatic payments through your bank, Community cannot cancel that process as it happens at your bank. Please be sure to cancel those scheduled payments during the Forbearance Plan period.”},{“question”:”30. I\u2019m on the COVID-19 Forbearance Plan and am receiving documents\/letters telling me that I\u2019m delinquent. Why?”,”answer”:”Because you are not making full payments during this Forbearance Plan, your loan is technically delinquent, however, protected. Regulations require us to send certain notices about this delinquent status regardless of the reason. The letters also provide a status on missed payment amounts and other helpful information.”},{“question”:”31. Can I cancel the Forbearance Plan later if I decide I don\u2019t want it?”,”answer”:”Yes. You may cancel your Forbearance Plan at any time. Just remember that when the Forbearance Plan ends, all payments missed during the Forbearance Plan will need to be repaid through payment deferral, loan modification, repayment plan, or a reinstatement or other possible post-relief assistance depending investor eligibility requirements.*
In the event your financial situation changes during the forbearance period, it is in your best interest to work with our agents to review post-forbearance assistance programs available to bring your loan current as soon as possible. No one will be required to immediately \u201cmake-up\u201d the paused payments, all at once or in a \u201clump sum\u201d. We also encourage you to pay whatever amount you can afford toward your contractual payments to minimize the amount that you will be responsible for at the end of the forbearance period.
To be clear, the assistance is there for the full period if needed, we just want to encourage you to end the accrual of paused payments as soon as you are able to do so.
*It is important to note that for those loans that had delinquent (past due) amounts at the time of entering into the Forbearance Plan, for most states and investors, any delinquent amounts in existence prior to this Forbearance Plan are required to be included in the evaluation and determination of the appropriate post-forbearance assistance program. Any such assistance is meant to help you bring the loan current, with no remaining past due amounts. Some state-specific deferral programs as described herein, are an exception and may not bring your loan current. “},{“question”:”32. Can I make a payment during the Forbearance Plan or send some money when I can?”,”answer”:”We encourage you to make whatever amounts of payment you can make during the Forbearance Plan period. Any payments made during the period will lower the total amount of paused payments that will need to be repaid through payment deferral, loan modification, repayment plan, or a reinstatement, or other possible post-relief assistance depending on investor eligibility requirements.*
*It is important to note that for those loans that had delinquent (past due) amounts at the time of entering into the Forbearance Plan, for most states and investors, any delinquent amounts in existence prior to this Forbearance Plan are required to be included in the evaluation and determination of the appropriate post-forbearance assistance program. Any such assistance is meant to help you bring the loan current, with no remaining past due amounts. Some state-specific deferral programs as described herein, are an exception and may not bring your loan current.”},{“question”:”33. What if my financial situation changes during my forbearance?”,”answer”:”If your financial situation changes during your forbearance, please contact us immediately to reassess your circumstances and discuss alternatives.”},{“question”:”34. I\u2019m currently going through a refinance. If I enter into the COVID-19 Forbearance Plan, will it affect my ability to close?”,”answer”:”You should discuss the impact with the lender with whom you are seeking to refinance.”},{“question”:”35. Is the COVID-19 Forbearance Plan right for me?”,”answer”:”The Forbearance Plan may be a good option if you need temporary relief from your mortgage payments due to these unprecedented circumstances; however, this decision is highly specific to each person\u2019s situation, we encourage you to speak with your financial advisor or attorney before making this decision. There are also free, independent, non-profit HUD-approved Housing Counselors available
Have a question? See our SBA Frequently Asked Questions guide below to get the answers you need.
A portion of this bill is being used to assist small business owners currently facing economic hardship.”},{“question”:”38. COVID-19 is severely impacting my business. What relief options are available?”,”answer”:”The Small Business Administration has several programs in place to help you. Some of these are standard SBA programs and others were recently created to provide relief for business owners who are affected by the COVID-19 pandemic.
Two of the most prominent new solutions are the Paycheck Protection Program and the Economic Injury Disaster Loan Advance. You can visit the SBA Coronavirus Relief Options* page for more information regarding eligibility and qualification.
- Small businesses with less than 500 employees<\/li>
- Sole proprietorships<\/li>
- Independent contractors<\/li>
- Self-employed individuals<\/li>
- 501(c)(3) non-profit organizations<\/li>
- 501 (c) (19) veterans organizations<\/li>
- Tribal businesses<\/li><\/ul>“},{“question”:”40. Which types of lenders are able to offer these loans?”,”answer”:”You must partner with a SBA-approved lender to secure relief funding. See the full list of approved financial institutions here:”,”linkURL”:”https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program”,”linkCaption”:”https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program”},{“question”:”41. Does Community offer SBA loan programs?”,”answer”:”No, Community and its subsidiaries are not currently approved to offer SBA loans. We are simply directing small business owners to the most helpful resources available to them during these challenging times.”}]
- Freddie Mac (FHLMC) Loan Check: https:\/\/loanlookup.freddiemac.com\/<\/a><\/li><\/ul>Massachusetts<\/strong>
- Fannie Mae (FNMA) Loan Check: https:\/\/www.knowyouroptions.com\/loanlookup<\/a><\/li>
- Fannie Mae (FNMA): Disaster Response Network: https:\/\/www.knowyouroptions.com\/get-help-overview\/disaster-recovery-help-for-homeowners<\/a><\/li>
- Freddie Mac (FHLMC) Loan Check: https:\/\/loanlookup.freddiemac.com\/<\/a><\/li><\/ul>For those customers with federally-backed loans, we recommend visiting the following informational sites from the government agencies:
- Fannie Mae (FNMA) Loan Check: https:\/\/www.knowyouroptions.com\/loanlookup<\/a><\/li>