Payment relief options after a natural disaster

Payment relief options after a natural disaster

It is important to continue to make your monthly mortgage payments on time. If you cannot, payment assistance may be available to you. The structure and type of assistance is generally determined by the investor or program owner that sets the guidelines for your loan program. Such entities include Fannie Mae, Freddie Mac, the USDA, VA, and FHA. The location of your home must be within a designated FEMA disaster area to be eligible for assistance. Assistance is generally determined by the Investor or program owner that sets the guidelines for your loan program. To learn more about the options available, please call us at 800-401-6587.

Disaster relief for loan payments during the FEMA relief period

• You will not be charged a late fee.
• Your loan payments will not be reported as past due to the credit bureaus.
• You may be eligible for additional disaster loan payment options depending on your loan program and situation.
• Certain foreclosure protections may be provided.

Learn about long-term assistance/forbearance

Disaster relief payment assistance is not permanent. Any unpaid payments from a Disaster Forbearance Plan will be due and payable at the end of the Forbearance Period. Therefore, you may be responsible for a lump-sum payment when the assistance term expires. If you have reviewed payment relief options, and additional assistance is needed, you may want to explore forbearance options.

What is forbearance?

A Disaster Forbearance Plan essentially suspends payments for a certain number of months. At the end of your Plan period, you will be required to pay the total of any payments that were missed. Most investors offer what is known as a Disaster Forbearance Plan (“Plan”). The Plan essentially suspends payments for a certain number of months, allowing you time to pay your deductible, return to work, etc. Your loan payments are not forgiven during the Plan. At the end of your approved Plan period, the total amount of the suspended payments will be immediately due and payable. You are required to make arrangements to pay these suspended payments  before  the end of the approved Plan.

I think I need a disaster Forbearance Plan. What do I do?

If you believe you will be unable to continue making your mortgage payments and may need mortgage disaster assistance, please contact Caliber Home Loans, Inc. ("Caliber") at  1-800-401-6587.

Will collection efforts and past due notices be suspended during Forbearance?

During your time on a Disaster Forbearance Plan, most loan program investors require that we remain in contact with you. As such, you will receive calls from us. Applicable law requires us to send delinquency notices and/or loss mitigation correspondence during the forbearance period.

What happens at the end of a Forbearance Plan?

At the end of your Disaster Forbearance Plan, the total of any unpaid payments under forbearance  will be due and payable in full. Therefore, you need to put a plan in place before the end of your forbearance to have sufficient funds available to make this lump-sum payment. If you do not think you will have the funds to make the lump-sum payment, we may have options to assist you. Call us at  1-800-401-6587  before your Plan expires  to discuss your options.