Important Information Regarding COVID-19

Current as of

We are actively monitoring the Novel Coronavirus (COVID-19) situation and want to assure you that our first priority here at Guild Mortgage is the health and safety of our employees, customers, and communities.
We also recognize that, while COVID-19 has impacted all our daily lives and habits, it’s having far-reaching consequences in many areas affecting your mortgage and finances too.
Guild is here to help.

If you’re worried about making your mortgage payments, here’s what you should know:

  • You can find information regarding the impact of COVID-19 on your mortgage online using MyAccount, learn how to apply for assistance if you need it, and make your payment if you are able.
  • 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. Extensions after the initial forbearance may be available if COVID-19 continues to impact you. You must request these options – they’re not automatic.

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.

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!

  • For those experiencing financial hardship,  Loan Counseling is available Monday-Friday between  7:30 a.m. and  5:00 p.m. PT at  800-365-4884.
  • Customer Service is available Monday-Friday from  6:00 a.m. to 5:00 p.m. PT at  800-365-4441.

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.

General FAQs for COVID-19 hardship assistance

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.

Note: If your loan is backed by HUD/FHA, USDA, or VA, you can request an initial  forbearance through the end of the COVID-19 National Emergency. If your loan is backed by Fannie Mae or Freddie Mac, there is not currently a deadline for requesting an initial forbearance. Please contact Guild if you are unsure who backs your loan.

A forbearance plan is a home-retention option for eligible borrowers with a temporary, unresolved hardship that provides for a period of reduced or paused payments. Borrowers are eligible for up to an initial 180-day forbearance period. You may also have the right to request one or more extensions of that initial forbearance, depending on when your initial forbearance was granted and other conditions. Be advised that if your payments are paused or reduced, they are not forgiven nor erased. All provisions of the note and security instrument, except as provided on the forbearance plan, will remain in effect.

This depends on your individual financial circumstances and is ultimately your choice. Given that a forbearance is not a forgiveness of debt, we recommend waiting until it’s necessary to request a forbearance. Once on forbearance, if you find that you’re able to continue making your payments, we recommend doing so.

Guild will send an acknowledgement letter no later than 5 business days after receiving 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 our best to respond as promptly as possible with a decision. We’ll provide you with a written decision within 30 days after we confirm that you have submitted the required information.

If your hardship has been resolved and you can resume making regular payments, you may formally attest to opting-out of forbearance by filling out the form on this webpage.

It is important to stay in contact with Guild during your forbearance because you may be able to extend the forbearance period if your hardship has not been resolved at the conclusion of the forbearance period.

If your mortgage is backed by Fannie Mae or Freddie Mac: You may request up to two additional three-month extensions, for a maximum of 18 months of total forbearance, but to be eligible, you must have been in an active forbearance plan as February 28, 2021.

If your mortgage is backed by HUD/FHA, USDA, or VA: You may request up to two additional three-month extensions, for a maximum of 18 months of total forbearance, depending on when your initial forbearance was granted.

Other conditions might apply and not all borrowers will qualify for the maximum. Please contact Guild if you are unsure who backs your loan.

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:

  • A modification or similar program offered by your investor or insurer/guarantor to resolve your delinquency;
  • A repayment plan*;
  • A forbearance extension, if eligible;
  • A payment deferral agreement (for Fannie Mae and Freddie Mac loan types only);
  • A partial claim; or
  • Full repayment of all suspended payments.

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, please 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, 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 can 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 to ensure the payment is 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 or reduces, but does not forgive, your regular monthly payments. The payments missed or reduced while on the forbearance plan will become due upon conclusion of the forbearance period. If you are able to continue making payments during the forbearance, please do so. Guild will reach out to you prior to your forbearance period ending to discuss your financial position and available options.

If you are on a COVID-19 forbearance plan, no late charges will accrue during the forbearance period.

Yes, Guild is required by state and federal law to continue to send certain notices and letters to you even if you are on a forbearance plan. These notices contain information on resources available to you, such as housing counseling agencies, as well as the option for you to submit a complete application and receive an evaluation for all available loss mitigation options. However, if you have been approved for a forbearance plan, you are not required to provide any further information or documents until the end of your forbearance period is approaching. Guild will be reaching out to you to discuss post-forbearance options approximately 30 days prior to the end of your forbearance period.

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 while you are on an active 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.

The Homeowner Assistance Fund (HAF) is a new federal program to help you catch up on overdue bills and remain in your home. Some of these programs are available now and others will be available in the coming months. Click on the following link to find out more information about your state’s program: Homeowner Assistance Fund — NCSHA.