Disaster Mortgage Payment Assistance
When a natural disaster strikes, it can affect you both emotionally and financially. You do not want to fall behind on your mortgage payment without contacting CountryPlace. Let us try to help you. We have some options which may assist you during this time!
FHA, VA, Freddie Mac, Fannie Mae and other investors each have plans to allow CountryPlace to help homeowners affected by these disasters. Each mortgage investor has different plans. Eligibility to participate in the plans vary and depend on the homeowner's situation and the government agency involved in your loan The following web sites provide information on disaster relief for each government agency that may be involved with your loan.
If you were displaced from your home or missed work because of the hurricane and need financial help as a result, a repayment plan may be the best option for you. A repayment plan allows you for spread your payment shortage of the next several months until your account is current.
If you have significant damage or expenses, payment forbearance might be the best option for you. Forbearance is a period in which your payments are paused. We have the latitude to do a forbearance for an initial period of up to 90 days with most of our investors in order to give you time to work on necessary repairs and get back to work. Forbearance will not affect your credit. When a forbearance is finished, you have the option of making payments in one lump sum or modifying your loan.
Do not hesitate to reach out if you think you are going to have trouble. Due to heavy call volume while we work with homeowners affected by the hurricanes, the quickest way to reach us is by email at DisasterAssistance@CountryPlaceMortgage.com. If you do not have access to email, you can get in touch with our servicing team by calling (800) 228-1828. If you call, please be patient. Our customer service representatives are doing their best to answer all calls as quickly as possible, but they may not be able to answer immediately when you call. If you are unable to wait for a representative when you call, please leave a voice message or select the "call back" option on the phone answering message menu and we will return your call.
Frequently Asked Questions
We are looking for some relief from Hurricane Harvey impact, is it possible to delay mortgage payment for a couple months, pay on the back side without a penalty?
The major mortgage investors that invest in our loans, such as Fannie Mae, Freddie Mac, FHA and VA are offering forbearances. These are different than deferments, but it should help provide relief and then we're working with our clients to get them in the best possible situation. Please note that not all of our investors allow us to provide this type of payment relief, but we are committed to working with you to find a solution to your financial needs.
We have damage to our property, but not enough to file an insurance claim. Is there any negative effect on our credit score, credit report, or interest rate by doing this?
The natural disaster will not impact your credit. We have temporarily stopped all credit reporting for people in the disaster areas. At the end of the forbearance, you have the option of making a lump sum payment or we can do a modification of your mortgage at that point.
I would be interested in the deferred payments of 3 months if the payments were just added on the back of my mortgage loan. Is that possible?
A deferral in the sense that you are talking about is not currently being offered through Fannie Mae, Freddie Mac, FHA, USDA or VA. Investors are allowing us to do something called a forbearance. That means we can pause your payment for an initial period of up to 90 days. Because of the natural disaster, we're allowed to do so without impacting your credit and we won't charge late fees. This also gives us a lot of flexibility that might not be available with a deferral. When the forbearance is over, you do have the option of making a lump sum payment to pay everything back at once, but you do not have to. We can do a modification that will not impact your credit and roll those payments into the loan.
I do not have the money to repair my home or do not have the money to make the mortgage payment, what are the repercussions of walking away from our home and letting it go into foreclosure?
First, your credit score is going to take a big hit. The foreclosure also remains on your credit report for seven years. Second, you may have a hard time getting a mortgage for a while. Mortgage investors like Fannie Mae, Freddie Mac, FHA and VA want to feel confident in your ability to pay off the home note. Most lenders have at least a three year waiting period after a foreclosure.
But great news, you would be eligible for a forbearance. That means we can pause your payment for an initial period of up to 90 days in order to give you time to work on necessary repairs and get back to work. When the forbearance is over, you do have the option of making a lump sum payment to pay everything back at once, but you do not have to. We can do a modification that will not impact your credit and roll those payments into the loan.
Requirements for owner-occupant to participate in FHA payment forebearance program:
FHA payment forbearance allows for one or more periods of reduced or suspended payments.
- Property must be on the FEMA list
- Property was the primary residence immediately prior to the disaster event;
- Homeowner has the intention to re-occupy the home as a primary residence after it is repaired; and
- Total accumulated mortgage arrearages have not exceeded the equivalent of 12 months of principal, interest, tax and insurance payments (PITI).
Financial evaluation is not required if all of the following conditions apply:
- Late payment fees will be waived and credit reporting of past due payments resulting from the disaster will be suspended temporarily.
Financial evaluation is required for other loss mitigation home retention options:
- All payments were current or less than 30 days past due at time of disaster declaration;
- The homeowner's employer provides a Verification of Employment (VOE) confirming that employment status is the same as that prior to the disaster;
- The home has been repaired; and
- The homeowner is occupying the property as their primary residence.
- Homeowners who have experienced reduction of income and/or increased living expenses as a result of the disaster and who do not meet the conditions for forebearance without financial evaluation.
- Homeowners who are approved for loss mitigation but do not complete the Trial Period Plan required by FHA.
- Options may include informal or formal repayment plans, s or a loan modification (which may result in change of interest rate).
- Credit reporting of past due payments resulting from the disaster will not be affected unless such reporting is required for a loan modification.
- Late payment fees will be waived as long as borrower is on a forbearance plan or paying as agreed on a loan modification option.
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