COVID-19 ASSISTANCE REQUEST

 

If you have been affected by the recent COVID-19 pandemic, we know you may be facing some difficult challenges. We’re here to help you.

 

Short-term relief is available. If you are experiencing a financial crisis due to the pandemic, you have the option to temporarily pause your mortgage payments. This is called a forbearance, and it has no impact on your credit. Learn more about the forbearance option in this short video from the CFPB.

While forbearance may be a great option to help you through this crisis, remember, once your forbearance is over, any paused payments will need to be repaid. We’ll work with you to find a payment solution that works for you, but it’s best to save this option until you need it most. If possible, it’s best to continue making your mortgage payment and apply for forbearance when you need it.

Is forbearance the right option for you? Forbearance due to the COVID-19 pandemic is available to you in the following situations:

  • You have lost employment to the pandemic.
  • You are sick and can’t work.
  • You are caring for a sick family member and therefore can’t work.
  • You have experienced a significant reduction in income due to the pandemic.
  • You are caring for a child due to school closure.

If you qualify for a forbearance, you’ll be able to pause your mortgage payments for an initial period based on the type of loan you have. In most cases, the period is three to six months. After that period, we’ll work with you to reevaluate your situation and figure out what’s next. Under the CARES Act, if your mortgage is a federally backed loan, you may qualify for up to 180 days, with an extension of an additional 180 days. A recent extension of the forbearance options to homeowners with federally backed mortgages may also qualify you for an additional 6 months, in two 3-month increments. Please contact us for more details or submit the form and we will respond with your available options.

What happens after a forbearance? At the end of your forbearance period, all payments not made during the forbearance period will have to be paid back. We realize this will probably be a big financial burden, which is why you’ll have a few options for how to handle it:

  • Pay it as a lump sum— If possible, the simplest option is to pay back the amount owed as a lump sum and pay off the amount you owe at one time.
  • Start a repayment plan— Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance.
  • Loan modification — If you are unable to pay a lump sum or enter into a repayment plan, we will work with you on a loan modification. This may include an extension at the end of your loan giving you additional months to pay the forbearance amount.
  • Payment Deferral — Depending on the type of loan you have, you may qualify to defer the paused payments to the end of your loan.

 

Note:  Please don’t stop making your mortgage payments until you’ve been approved for a forbearance plan. These programs are not payment forgiveness programs. They’ll require any paused payments to be repaid, so save these options for when you need them most.

If you choose to complete this form, you do not need to call, email or provide any additional information at this time. If you would like to speak to a customer service representative, call 800-382-0017. Please be advised that call volumes have been much higher than normal due to the number of individuals that have been impacted.

 

Why Forbearance and Not Payment Forgiveness

We know that some announcements in the news may have led you to believe that your mortgage company can waive your upcoming payments or offer payment forgiveness. To understand why we can’t offer that, it’s helpful to understand a little bit about our role in the mortgage industry.

As a mortgage servicer, McCue Mortgage collects payments on behalf of major mortgage investors like Fannie Mae, Freddie Mac, CHFA, FHA, VA, USDA, and others. In times of crisis, like the one we are in now, unless these investors make a change to the total amount you owe, you are contractually obligated to continue making payments to the investor that holds your mortgage until your balance is paid in full.

 

Stay safe. We appreciate your patience as we work to help you.

 

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By selecting “Yes” below, I am claiming I have personally been impacted by the COVID-19 pandemic and am requesting assistance with my monthly mortgage payments. I understand that depending on my loan status, I may be granted a forbearance of payment after review by McCue Mortgage. *
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