COVID-19 Assistance & Information

A forbearance plan is a temporary suspension of your mortgage payments to give you some financial relief. That means, for a specific period of time, you make no monthly payments. Forbearance does not forgive or write off any of your mortgage debt Forbearance may also affect you in these ways:

• Loan status. Technically, your account will be delinquent during forbearance. We will not report this to credit agencies. However, you may receive delinquency notices if they're required by law or by your loan type. Save any notices you may receive. No other action is required while your plan is in effect.
• Credit records. Although we will not report your suspended payments to credit agencies, we cannot guarantee it will have no impact on your credit rating. Keep an eye on your credit report while the forbearance plan is in place.
• Escrow. While your plan is in effect, you're not required to make any payments, including the portion that's set aside for escrow (if Caliber maintains an escrow account to pay your taxes and homeowner's insurance). That said, it's possible that not making escrow payments could affect your next escrow analysis. If this causes an escrow shortfall, we may be able to help spread the catch-up payments over time.

• If you have a federally backed mortgage (FHA, VA, USDA, Fannie Mae or Freddie Mac) your loan may be subject to the CARES Act. This allows for a forbearance, a plan to postpone payments for a set period of months to give you time and flexibility to recover from current financial challenges
• To qualify, you must affirm that you are experiencing financial hardship due to COVID-19, but no additional documentation is required.
• Even if your loan is not covered by the CARES Act, you may qualify for assistance. To see what's possible, call us at 1-800-401-6587.

• The initial forbearance plan temporarily suspends payments for three to six months.
• If your hardship remains at the end of the plan and you cannot resume normal monthly payments, it's important to contact Caliber before your plan ends. If your loan is covered by the CARES Act, you may request additional forbearance time if eligible.
• No penalties, late fees, or additional interest will be charged during the forbearance plan and delinquent credit reporting will be suppressed on your behalf.
• Requests for assistance that occur after the end of the COVID-19 emergency period will fall under our standard assistance programs.

To request a forbearance plan or get more information, call us at 1-800-401-6587. We'll help you understand your options and determine a path forward.

If you don't think you'll be ready to pay back the postponed payments and restart regular payments once your plan ends, it's important to contact us at 1-800-401-6587 before the plan end date.

We'll also send you reminders to get in touch and review potential options which include:

• Extend your forbearance plan (if eligible) if you need more time to recover from financial hardship
• If you are able to resume making monthly payments, the following options may be available (based upon eligibility) reinstatement by repaying the suspended amounts, repayment plan, deferment plan, or a loan modification.

Did you fall behind on payments due to hardship but are ready to get back on track? A short-term repayment plan adjusts your payments to get your past-due amount repaid. Past due payments of three months or less are added to your regular payments over a period of up to three months.

How to start

1. Call your Caliber Representative at 1-800-401-6587
2. Agree to the Repayment Terms
3. Start making revised payments per the plan and get all caught up

 

This option lets you pay past-due payments of more than three months and spread the past-due amount over a period of up to 12 months while adding it to your regular monthly payment.

How to start

1. Call your Caliber Representative at 1-800-401-6587
2. Upload or send your documents to Caliber
3. Receive a decision within 30 days

If approved, you'll receive an agreement with the formal repayment plan terms.

Another way to make up missed payments is by making tweaks to your loan. Multiple loan modification programs are available from the federal government and our private investors. Eligibility for a particular assistance program is based on the specifics of your loan and your hardship.

How to start

1. Select "Request Hardship Assistance" from the "Make a Request" menu
2. Follow the prompts to see what documentation you will need to provide
3. Print and sign the documents on the "My Document" list
4. Upload all signed documents

If you can no longer afford your mortgage, a short sale might help you avoid foreclosure. This allows you to sell your home for less than what is owed on the mortgage. In some cases, you may not have to repay the remaining balance.

How to start

1. Select "Request Hardship Assistance" from the "Make a Request" menu
2. Follow prompts to see what documentation you will need to provide
3. Print and sign the documents on the "My Document" list
4. Upload all signed documents

If approved, you'll receive an agreement with the formal repayment plan terms.

This option lets you pay past-due payments of more than three months and spread the past-due amount over a period of up to 12 months while adding it to your regular monthly payment.

How to start

1. Select "Request Hardship Assistance" from the "Make a Request" menu
2. Follow prompts to see what documentation you will need to provide
3. Print and sign the documents on the "My Document" list
4. Upload all signed document

If you would like more information, call your Caliber Representative at 1-800-401-6587.