How do I know if I’m eligible for hardship assistance?

Almost all borrowers, who have a Federally Backed mortgage loan (a loan purchased by Fannie Mae and Freddie Mac, or insured by the VA, USDA or HUD), experiencing a hardship resulting from COVID-19 that impacts their ability to make regular monthly mortgage payments are eligible for assistance such as a forbearance, for example:

  • Unemployment
  • Reduction in work hours
  • Illness of a borrower/co-borrower or dependent family member

Borrowers who are 360 days delinquent on their mortgage loan may not be eligible for forbearance options.

Do you feel you are eligible?

I am eligibleGo back to info page

How can Guild Mortgage help?

Guild Mortgage, as the servicer of your loan, is following the payment relief plan provided by the investor or insurer of your Federally Backed mortgage loan.

The recommended workout is a forbearance plan with suspended payments while you are experiencing this hardship.

Are you interested in learning more about our forbearance options?

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What is a forbearance?

A forbearance plan is a home-retention option for borrowers with a temporary, unresolved hardship due to COVID-19 that provides for a period of reduced or suspended payments.

Be advised that if your payments are suspended or reduced, they are not forgiven nor deferred, and the interest will continue to accrue on the full contractual payment you are normally required to make.

All provisions of the note and security instrument, except as provided on the forbearance plan, will remain in effect.


Do I have to repay the payments at the end of the forbearance?

Yes, the forbearance plan is a temporary relief option.

The payments missed while on the suspended forbearance plan will become due upon conclusion of the forbearance period.

We recommend that if you are able to continue making payments during the forbearance that you do so. Please contact us to make arrangements if you wish to make partial payments.

If your account is impounded or escrowed for taxes and insurance, Guild will continue to pay your taxes and insurance as they come due while you are on a forbearance plan. However, this may create a shortage in your escrow account and an increase to your monthly escrow payment the next time an escrow analysis is performed.

If you wish to pay escrows/impounds for taxes and insurance during your forbearance period in order to reduce the future escrow shortage, please contact Guild Mortgage to make arrangements prior to sending the amount.

In summary, forbearance can provide temporary relief from your mortgage payments; however, at the end of the forbearance, you will have to reinstate your loan by paying all your missed payments in a lump sum or apply for additional options. The options available at the end of the forbearance will depend on your financial resources, investor or insurer/guarantor guidelines applicable to your loan, and other factors. Watch our video to see options that may be available after forbearance.

Have you considered submitting your taxes for a refund or withdrawing from your 401K penalty free under the CARES Act? We recommend that you exhaust all alternatives and wait to apply until you determine that you will be unable to make your payment. That way, the assistance options we provide will help you in the months that you need it the most.

Do you still want to apply for the forbearance payment relief?

I want to applyGo back to info page

Please contact our Loan Counseling Department at 1.800.365.4884 (choose option 2) to discuss your payment relief options.

We’ll work with you to find the best solution that meets your investor or insurer/guarantor’s guidelines and fits your financial situation.

Cornerstone | A division of Guild mortgage logo

Borrowers with Cornerstone loans, your loan is being serviced by DMI.

For further assistance, call 1.866.397.5370

VITEK logo

Borrowers with VITEK loans, your loan is being serviced by Cenlar.

For further assistance, call 1.800.2CENLAR (1.800.223.6527)