If you’re worried about making your mortgage payments, here’s what you should know:
- You can make your payment online using MyAccount, find information regarding the impact of COVID-19 on your mortgage, and learn how to apply for assistance if you need it.
- If you can, it’s best to continue making your mortgage payment because you will have to catch up eventually. If there are any expenses you can cut, do so at your discretion. The first priority at this time is the health and safety of your family.
- Guild Mortgage will not adversely credit report your loan(s) for March, April and May.
- Beginning April 1 and extending for 60 days, Guild will waive Late Charges for all borrowers (April and May).
If you expect COVID-19 to impact you for a while, in partnership with Fannie Mae, Freddie Mac, the FHA, the VA Home Loans program, and the USDA Rural Development Guaranteed Housing Program, Guild Mortgage is able to offer an initial relief option of a forbearance on your Federally Backed loan, which is a temporary stoppage or reduction of your mortgage payments.
Once the crisis is over, we will work with you to determine the best course of action when you’re ready to resume payments.
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.
To begin the forbearance process, please apply for mortgage assistance.
Check back: this is a fluid situation, so we’re going to be posting updates on this page for you as we get them. Thank you for your understanding!
Be especially vigilant for scams
Individuals may become more aggressive in trying to gain sensitive personal information or collect donations for fraudulent charities. Please be wary of any emails, social media requests, texts, or phone calls related to COVID-19.
Here are a few tips to protect yourself and remain vigilant during this time:
- Use caution if opening unsolicited emails, especially those that include links or attachments.
- Use known, trusted resources, such as government websites for up-to-date information.
- Do not reveal personal or financial information in email, and do not respond to email solicitations for this information.
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.
Guild is the Servicer of your loan. We are offering the plans provided by your investor or insurer. The recommended workout is a forbearance plan with suspended payments while you are experiencing a hardship. Please review the information below for more details about a forbearance.
A forbearance plan is a retention workout option for borrowers with a temporary unresolved hardship that provides for a period of reduced or suspended payments. Be advised that if your payments are suspended, they are not forgiven nor deferred, and the interest will accrue. All the provisions of the note and security instrument, except as herein provided on the forbearance plan, will remain in full force and effect. Upon the breach of any provision of the forbearance, Guild Mortgage Company may terminate this agreement and depending on degree of delinquency at time of breach, institute foreclosure proceedings according to the terms of the note and security instrument.
Upon receipt of your request for hardship assistance, we will send an acknowledgement letter no later than 5 business days after receipt of your request.
Yes. If English is not your primary language, you may submit your hardship letter in another language. You will need to sign and date the letter.
We will acknowledge receipt of your request within 5 business days and do our best to respond as promptly as possible with a decision. We will provide you a written response within 30 days after we deem that you have submitted the required information.
We recommend that you respond promptly to Guild Mortgage within 14 calendar days of the offer. You may send the signed and dated Forbearance Agreement via email email@example.com or send via fax (858) 346-1027. It’s important that we receive your decision for us to provide the proper benefits and protections of the forbearance plan.
No. Once you respond to the forbearance offer to accept the plan, your loan will be protected from any foreclosure action if you remain in compliance with the plan.
No. If you have returned to work and your hardship has been resolved, please contact us immediately to discuss the best course of action.
It is important to stay in contact with Guild during your forbearance because we can extend the plan if your hardship has not been resolved at the conclusion of the forbearance plan.
If your hardship has been resolved and you’re able to resume making your mortgage payments, we will evaluate you for another workout option (like a formal payment plan or modification) if you’re unable to reinstate the loan.
Yes, if you want to make payments but you are unable to pay the full amount due, you will need to contact Guild Mortgage to advise of the amount that you will pay. Upon speaking with a Guild Mortgage representative, your account will be notated for us to process the payment without getting returned.
If your account is escrowed for taxes and insurance, Guild will continue to pay your taxes and insurance while you are on a forbearance plan. This may cause an increase to your shortage payment the next time an escrow analysis is performed. If you wish to pay the impounds, please contact Guild Mortgage prior to sending the amount. See previous response for more details.
The forbearance plan is a temporary offering only. The payments missed while on the suspended forbearance plan will become due upon conclusion of the forbearance plan. If you are at all able to continue making payments during the forbearance, please do so.
After your hardship has been resolved, your loan will be eligible for a modification if you’re unable to reinstate the mortgage or if you do not qualify for a formal payment plan.
See previous response above. Due to the hardship experienced, we will work with you to find the most appropriate solution.
No. We offer loss mitigation options in accordance to the Investor guidelines. Your Investor does not offer a deferment to your mortgage payment. However, your Investor does offer a forbearance which acts similarly as a deferment. Please review the information for more details about a forbearance.
This is not an option that is offered by your Investor.
No. Beginning April 1st, Guild will automatically waive late fees for 60 days for all borrowers (April & May).
- What about late charges during a forbearance plan? If the borrower is offered and accepts a disaster related forbearance plan, no late charges will accrue if the borrower maintains compliance with the plan.
Guild Mortgage will not adversely credit report your loan(s) for March, April and May.
Post your forbearance period, depending upon your Investor and circumstances, other payment relief options may be available.
We have a dedicated webpage with the most up-to-date information. Visit the webpage at https://www.guildmortgage.com/covid-19/