If you’re enrolled in a Pandemic Forbearance Plan, we hope it gives you and your loved ones some peace of mind. Once you’ve been enrolled in the plan, very little is required on your end. Still though, it’s helpful to know what life will be like during your forbearance.
So here are 6 things you can expect, starting with the most obvious.
1. You won’t have to make your mortgage payment
This one is pretty obvious but can’t be overstated. During your forbearance, you will not need to make your monthly mortgage payment. Hopefully this relieves some financial stress and helps you get back on your feet.
Your payments will be paused immediately once your forbearance has been approved. Depending on your situation, you might not be required to make a payment for up to 12 months. Since any payments you don’t make during the forbearance will eventually be due, we recommend taking it 3 months at a time, to avoid any unnecessary financial burden later on.
2. You will still receive your monthly statement
While on your forbearance, we are still required to send you monthly statements. Don’t be surprised when you get one in the mail or in your email inbox. This doesn’t mean a payment is due. Check the “Here’s Some Helpful Information” section of your statement for details about your forbearance plan.
3. We won’t report missed payments to credit bureaus
During your forbearance, we will not report any missed payments to credit bureaus. If you’re worried about how your forbearance might affect your credit, please talk to your financial advisor.
4. You won’t be charged late fees or penalties
Our goal is to help you get through this time as smoothly as possible. You will not be penalized or charged late fees for any payments you don’t make during your forbearance.
5. You can cancel any time
If your financial situation improves, you can cancel your forbearance at any time. Generally speaking, it’s best to keep paying your mortgage if at all possible.
6. We’ll be in touch with you to figure out next steps
We may occasionally touch base with you during your forbearance to make sure everything is going okay and to help you start thinking about what will happen after your forbearance. Please also contact us to let us know how you’re doing.
During the last 30 days of your forbearance, you’ll need to make a decision about what happens next. This could mean extending your forbearance if you’re not able to start making payments yet, or it could mean resuming payments and figuring out a plan to bring your account current (i.e. paying back any payments you didn’t make during the forbearance). You’ll be able to review all your options by signing in to mrcooper.com.
Currently, major mortgage investors like Fannie Mae and Freddie Mac are finalizing the programs available to homeowners after their forbearance. Be sure to sign in to your mrcooper.com account often to get the latest information.
If you’re on a forbearance plan, be sure to sign in to your account at mrcooper.com regularly to get the latest information about your forbearance.
Note: Please stay in touch, either online or with a phone call, throughout the plan period.