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.
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.
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.
Do I need to remain on the forbearance plan if my hardship has resolved prior to the end of the forbearance plan?
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:
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.