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.
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. Watch our video to see options that may be available after forbearance.
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 as allowed by the investor or insurer/guarantor of your loan, such as a forbearance (for example – unemployment, reduction in work hours, illness of a borrower/co-borrower or dependent family member). The recommended option is a forbearance plan with paused or reduced payments while you are experiencing a hardship related to COVID-19.
A forbearance plan is a home-retention option for borrowers with a temporary, unresolved hardship that provides for a period of reduced or paused payments. Under the CARES Act, you are eligible for up to an initial 180 day forbearance period. You also have the right to request an extension of the initial forbearance period for up to 180 days. Be advised that if your payments are paused or reduced, they are not forgiven nor deferred and the interest will 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. Upon the breach of any provision of the forbearance plan, Guild may terminate the forbearance and, depending on degree of delinquency and if legally allowed, may institute foreclosure proceedings.
This is dependent upon your individual financial circumstances and is ultimately your choice. Given that a forbearance is not a forgiveness of debt, we recommend waiting until it is necessary to request a forbearance. Once on forbearance, if you find that you are able to continue making your payments, we recommend doing so.
Upon receipt of your request for hardship assistance, Guild 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 request in another language.
Guild will acknowledge receipt of your request within 5 business days and do its best to respond as promptly as possible with a decision. Guild will provide you with a written decision within 30 days after we deem that you have submitted the required information.
It is important to stay in contact with Guild during your forbearance because we can extend the forbearance period if your hardship has not been resolved at the conclusion of the initial forbearance period.
Guild will reach out to you prior to your forbearance period ending to discuss your financial position and available options. Generally, the available solutions are the following: 1) Pay back your suspended payments in full; 2) Set up a repayment plan*; 3) Extend your forbearance; 4) Enter into a payment deferral agreement (available beginning July 1, 2020, for Fannie Mae and Freddie Mac loan types only); or 5) Apply for a modification or similar program offered by your investor to resolve your delinquency. We will work with you to find the most appropriate solution within investor or insurer/guarantor guidelines and your financial situation.
*Please note, a repayment plan requires paying your regular payment plus an additional amount each month until your loan is current. However, Guild can only approve a repayment plan if it will result in the loan being brought current in a specific timeframe (per investor or insurer/guarantor guidelines) and the borrower can afford to pay the extra amount each month.
Yes, if you want to make partial payments or a payment that is less than the full amount due while on a forbearance plan, you will need to contact Guild to advise of the amount that you will pay. Upon speaking with a Guild representative, your account will be notated for us to process the reduced amount to ensure that the partial payment isn’t returned to you.
If your loan is currently enrolled in recurring ACH (Auto-Pay), it is your responsibility to suspend or reduce this type of payment method during the forbearance plan. Please be advised that if the recurring ACH is not suspended, then it will continue to draft your regular monthly payment from your bank account. After the forbearance has been completed and, once your loan is brought current through modification or through an alternative retention program, then you may re-enroll in recurring ACH. You can suspend and reactivate recurring ACH payments through My Account on the Guild website.
If your account is escrowed (or impounded) for taxes and insurance, Guild will continue to pay your taxes and insurance as they come due while you are on a forbearance plan. 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 the monthly amount for taxes and insurance in order to reduce the future amount due, please contact Guild prior to sending the amount or the payment may not be applied towards your account. See previous responses for “Can I pay less than my mortgage payment while on a forbearance?” and “What if my mortgage payments are paid through recurring ACH (Auto-Pay) prior to the forbearance?” for more details.
The COVID-19 forbearance plan is a temporary relief option that pauses, but does not forgive, your regular monthly payments. The payments missed while on the forbearance plan will become due upon conclusion of the forbearance period. If you are at all able to continue making payments during the forbearance, please do so.
If you are on a COVID-19 forbearance plan, no late charges will accrue during the forbearance period if you maintain compliance with the plan.
If you get a forbearance because you’re impacted by COVID-19, we won’t report payments that are paused during forbearance as late.
No, your loan will be protected from any foreclosure action if you remain in compliance with your forbearance plan. Our acceptance of any payment you make during the forbearance plan does not waive our right to require immediate payment in full of all amounts you owe on your mortgage, including the right to resume or continue foreclosure action, if you fail to comply with the terms of the plan. Entering a forbearance plan does not mean that your mortgage will be considered current.