COVID-19 Homeowners FAQ
I’m unable to pay my mortgage due to COVID-19. Can MMS help?
Yes. As a mortgage servicer, we’re continuing to follow the government’s guidelines, and we’ll work with you one-on-one to find a solution based on your lender’s program.
What is the Pandemic Forbearance Plan?
If you qualify, The Pandemic Forbearance Plan temporarily pauses mortgage payments for an initial period of up to 180 days. At the end of this period, all payments will need to be repaid. However, you may have options if you can’t repay it all at once.
Do I qualify for the Pandemic Forbearance Plan?
You qualify if COVID-19 has impacted your ability to make your mortgage payment and you have a federally backed loan (Fannie Mae, Freddie Mac, FHA, VA, USDA). Your property must fall into one of the following:
o a single-family residence
o a 1-4 family residence; or
o an individual unit of a condominium or cooperative.
Are my bankruptcy accounts eligible for a Pandemic Forbearance Plan?
If you or a co-borrower on the loan is currently a debtor in an active bankruptcy case, you may need to obtain a Bankruptcy Court approval of your forbearance plan.
How do I apply for the Pandemic Forbearance Plan?
Contact our team at (800) 945-4506, option 2 for “servicing” and we’ll work with you one-on-one to find the best solution. Our hours are Monday - Friday 9:00 a.m. – 5:00 p.m.
When should I apply for the Pandemic Forbearance Plan?
The Pandemic Forbearance Plan as outlined in the CARES Act is for a period up to 180 days with the option to extend your forbearance up to an additional 180 days. If you can afford to make your monthly mortgage payment, do so as long as possible. By waiting until you need the help, you will give yourself the longest possible time period to receive assistance.
If you qualify, the process to receive the Pandemic Forbearance Plan is fast and, in most cases, can be completed anywhere from 15 minutes to 24 hours from the point of initial discussions about your options to entering into the plan.
Is there additional paperwork needed to apply for the Pandemic Forbearance Plan?
Please contact us to determine if any lender documentation is required.
Will additional interest and/or late fees be charged on my loan during the Pandemic Forbearance Plan period?
No, for the forbearance period granted, all late fees are waived, and no additional interest is charged. At the end of the forbearance period granted, only your regular principal, interest, and any outstanding escrow payments will be due.
Will my credit be affected by going on the Pandemic Forbearance Plan?
No. Because you’re impacted by COVID-19, all payments that are paused during your forbearance period under the Pandemic Forbearance Plan will not be reported late to the credit bureaus.
If I elect to enter into forbearance under the Pandemic Forbearance Plan, how long can I pause my mortgage payment?
You can pause your mortgage payment up to 180 days, with the potential option to extend your forbearance if you’re unable to resume making payments.
If I can’t pay the full amount of my missed payments at the end of the Pandemic Forbearance Plan period, what are my options?
You may have a few options, including:
o Extend the forbearance period in three-month increments (up to 12 months total)
o Enter a repayment plan. Over a set number of months (usually no more than 12), an extra amount will be added to your regular mortgage payment to cover the amount owed from the forbearance.
o Modify your loan. If you qualify, your loan’s terms (which could include interest rate and term length) may be adjusted to provide an affordable payment and cover the amount owed. This may include an extension at the end of the loan, giving you additional months to pay.
Will the Pandemic Forbearance Plan affect my mortgage insurance?
Yes. If you have private mortgage insurance (PMI) or FHA mortgage insurance premium (MIP), a forbearance plan may extend the number of months you must pay on time in order to cancel your PMI or MIP.
If I was delinquent on my mortgage prior to COVID-19, can I still qualify for the Pandemic Forbearance Plan?
Yes. The forbearance plan is available to all affected homeowners, including those who were delinquent prior to the pandemic. However, your delinquency may impact the options available to you at the end of your forbearance plan.
I’m on an active trial modification or other workout plan. Will the Pandemic Forbearance Plan affect it?
Yes. Your active trial modification or other workout plan will be cancelled if you opt for the Pandemic Forbearance Plan.
Can my house be foreclosed on or can I be evicted?
No. Beginning 3/18/2020, there is a moratorium on all foreclosure and eviction proceedings for 60 calendar days, meaning that no evictions can lawfully occur, regardless of whether you opt for the forbearance plan.
If you opt for any forbearance plan, we will not proceed with foreclosure initiations or foreclosure sales during the identified forbearance period.
Will I continue to have access to a billing statement on-line while on the Pandemic Forbearance Plan?
Yes. We are legally required to provide a billing statement showing the amount due every 30 days.
I have auto-pay set-up. Will I need to turn it off during the Pandemic Forbearance Plan?
We’ll automatically cancel your auto-pay. However, if you see that your auto-pay is not cancelled, you should contact us.
I’m on the Pandemic Forbearance Plan. Why am I receiving documents indicating that I’m delinquent?
In a forbearance period, your loan is technically considered delinquent, but there’s no need to worry. During your forbearance period, we are:
o Not charging you late fees
o Not reporting your delinquency state to credit agencies, so your credit will not be affected
o Not taking steps in any foreclosure proceeding while the forbearance plan is in place
If I decide later on that I don’t want the Pandemic Forbearance Plan, can I cancel it?
Yes. You have the option to cancel any forbearance plan at any time. Just remember that all missed payments during the forbearance plan period will remain due. If you choose to cancel, we will work with you to determine the best repayment option.
What if my financial situation changes during my Pandemic Forbearance Plan?
Contact our team at (800) 945-4506, option 2 for “servicing” to immediately reassess your circumstances and discuss alternatives. Our hours are Monday – Friday 9:00 a.m. – 5:00 p.m.
I’m currently going through a refinance. If I enter into the Pandemic Forbearance Plan, will it affect my close?
Potentially. If your forbearance is active, you’re unlikely to qualify for a refinance on your home loan.
Is the Pandemic Forbearance Plan right for me?
If you need temporary relief from your mortgage payments due to the pandemic, the forbearance plan could help. However, we encourage you to speak with your financial advisor or attorney before making this decision.
Are other mortgage servicers providing the same assistance options to those impacted by COVID-19?
Yes, all mortgage servicers are required via the CARES Act to offer the same assistance for investor/government backed mortgage. If you have been impacted by COVID-19 please contact your Mortgage Servicer with any questions that you may have, to see what options are available for you. MMS, like many other mortgage lenders in the industry, originates your loan. This means that we, like other lenders, underwrite your loan to make sure you qualify for mortgage investors like Fannie Mae, Freddie Mac, FHA, the VA…etc. After your loan closes, your mortgage may then be sold to an investor, who is the party responsible for offering the Pandemic Forbearance Plan assistance at this time. We are continually working with these agencies/investors and our policy makers to advocate for our mortgage members impacted by COVID-19 and are updating the options for our members as we receive updates. Access your mortgage account information anywhere you are. Visit your My Loan: to view your mortgage balance, mortgage statements, tax statements and more.
Home Financing FAQ
During the stay-at-home and social distancing orders, we are continually working on delivering new ways to provide you with a smooth mortgage experience that meets the orders issued and keeps you and our staff safe. We’ve compiled a list of common questions and answers on the latest here.
If I am looking to purchase a home or would like to refinance will you still be able to close my loan?
Yes. With the current restrictions of the Stay-At-Home order issued by Michigan’s Governor and Social Distancing order issued by the President of the United States, we are continually working on and delivering new ways to provide you with a smooth mortgage experience that meets the orders issued and keeps you and our staff safe.
How do I apply for refinance or a new home financing?
We have multiple ways to help you with your home financing needs. These options can all be done from the comfort of your home.
If you are looking to purchase a home or refinance, call us at (800) 945-4506, option 4 for “loan originations”, or experience our online mortgage application MMS Express:
What if an appraiser is supposed to come to my house?
Depending upon the type of mortgage or reason for financing, we do have some alternative appraisal types that may not require an interior inspection. Those alternative could include property inspection waivers, desktop or exterior only appraisals. In instances that require an interior inspection appraisal we’re working with appraisers to make sure that no one is conducting an appraisal who shouldn’t be based on health symptoms, recent travel, interactions, etc. Appraisers that are going into homes are observing the CDC guidelines and are taking the proper sanitary measures the entire time they’re at your home.
If you have an appraiser that is coming into your home, they are asking to maintain a physical distance of at least 6 feet and to not shake hands. Additionally, they may even arrive wearing rubber gloves or a facemask as an added precaution. This is done to follow the CDC guidelines.
If an interior inspection appraisal is required and you think that you may be sick, or if you’ve visited an area with active outbreaks, please let us know so we can determine if an alternative solution is possible.
How do I close my loan during the Stay-At-Home and Social Distancing Orders?
The mortgage process is still able to continue through the Stay-At-Home and Social Distancing Orders. Title and settlement service providers are deemed essential third party services to financing. MMS and these essential service providers are all following the CDC recommendations, guidelines and sanitary procedures while maintaining a social distance of 6 feet.