Whenever You Need It, Help Is Here
If your ability to pay your mortgage has been impacted by the pandemic, Mr. Cooper can help. Here’s a quick introduction:
- Review the information here to understand your options and find answers to questions that many homeowners are asking.
- Need help now? Apply for pandemic payment relief online.
- You can check our FAQs if you have a specific question or continue reading for quick information and access to help.
- Access our other pandemic-related content, including:
- COVID-19 Mortgage Myths that Need to Be Cleared Up Immediately
- Here’s What Really Happens After a Forbearance
- CFPB Explains COVID-19 Relief Options
- Who Owns Your Mortgage (and Why It Suddenly Matters)
- Read CFPB’s Information About Coronavirus Mortgage Relief
- Read How Our Team Is Helping Customers through the Realities of COVID-19: Inside Customer Support
- See How Pandemic Forbearance Plans Work with Our Infographic
- What You Need to Know About Refinancing During the Pandemic
- 8 Ways Mr. Cooper Customers Can Avoid COVID-19 Mortgage Fraud
- Mr. Cooper Glossary
- 6 Ways to Protect Your Credit Score During the Pandemic
- How Housing Counselors Can Help You in the Pandemic
- And we encourage you to check back often, as we will regularly update the available information and resources.
Pandemic Forbearance: Real Questions. Real Answers.
Payment Due? Here’s What You Need to Know.
Remember: You have a grace period to make your payment without any penalties, late fees, or harm to your credit. You can always use our website, our mobile app or our automated phone system to make a payment from anywhere.
If you are unable to make your payment due to the pandemic, we’re here to help. See below for more information on what to do next.
Stay Prepared for What’s Next
We may need to get in touch with you over the next few months. Update your contact information, especially your cell phone number and email address on mrcooper.com. Create an online account if you don’t have one.
If you can continue making your mortgage payments, you should do so. This provides us the ability to help as many customers as possible who are most impacted by this pandemic.
And remember, your health and the health of the people you love is the most important thing right now. Be sure to check in with the Centers for Disease Control for the latest news and advice. They’re updating their pages often, so check back regularly to make sure you’re up to date.
What to Do If You Can’t Make a Mortgage Payment
If you’re a Mr. Cooper customer and the pandemic has caused a financial hardship that will prevent you from paying your mortgage, we’re here to help. We’ve led the charge with federal agencies and housing authorities to make assistance programs available for homeowners in need.
Short-term relief is available. If you are experiencing a financial hardship due to the pandemic, we are offering payment relief for eligible customers, depending on what the owner of your loan allows.
You can begin the process online by filling out a Pandemic Relief Plan Request here. If possible, it’s best to continue making your mortgage payment and apply for assistance when you need it.
One of these options is called a Pandemic Forbearance Plan and it’s available if your loan is federally backed (i.e., owned by Fannie Mae or Freddie Mac, or if you have an FHA, VA, or USDA loan). While forbearance may be a great option to help you through this crisis, remember, once your forbearance is over, any paused payments will need to be repaid. We’ll work with you to find a payment solution that works for you but it’s best to save this option until you need it most.
Who is eligible for the Pandemic Forbearance Plan?
Forbearance due to the COVID-19 pandemic is available to you if you are experiencing a financial hardship due to the pandemic. Some examples are:
- You have lost work due to the pandemic.
- You are sick and can’t work.
- You are caring for a sick family member and therefore can’t work.
- You have experienced a significant decline in income due to the pandemic.
With a forbearance, you’ll be able to pause your mortgage payments for an initial period of three to six months. If you get to the end of your forbearance period and can’t bring your balance current, you can extend the forbearance period up to 12 months total. Before your forbearance plan ends, we’ll work with you to reevaluate your situation and figure out what’s next.
What happens after a forbearance?
At the end of your forbearance period, your monthly payments will start back up again like normal. At that point, we’ll need to figure out a way for you to pay back any payments you missed. You may have at least one of these solutions available, based on your financial situation at the end of the forbearance and depending on what the owner of your loan is offering:
- Move some or all of the amounts owed to the end of your loan.
- Modify some aspects of your loan to make up for the amount owed. (Usually that means extending the length of your mortgage, but it could also include changing your interest rate.)
- Start a repayment plan. (This results in a higher monthly payment, usually for three to six months but could vary depending on your specific circumstances.)
- Pay the amount owed as a lump sum if you are able.
For more information, read our post, Here’s What Really Happens After a Forbearance.
Note: Please don’t stop making your mortgage payments until you’ve been approved for a forbearance plan. These programs are not payment forgiveness programs. They’ll require any paused payments to be repaid, so save these options for when you need them most.
Is forbearance the right option for you?
The forbearance plan may be a great option if you need temporary relief from your mortgage payments due to the pandemic; however, we encourage you to speak with your financial advisor or attorney before making this decision.
Why Forbearance and Not Payment Forgiveness
We know that some announcements in the news may have led you to believe that your mortgage company can waive your upcoming payments or offer payment forgiveness. As we mentioned before, assistance options are determined by the owner of your loan. If your loan is federally backed, waivers or payment forgiveness are not available, regardless of who your mortgage company is. The CARES Act (recently enacted federal legislation) mandates forbearance for these types of loans as an immediate relief option for homeowners who need assistance.
We continue to work closely with these agencies, as well as Congress and other federal authorities, to urge them to make the best programs available for homeowners like you.
Not sure if your loan is federally backed? Here are some resources to help you find out.
Click here to see if your loan is backed by Fannie Mae.
Click here to see if your loan is backed by Freddie Mac.
Here are some ways to find out if you have an FHA, VA or USDA loan:
If you have an FHA loan, your monthly billing statement may mention that part of your payment goes to FHA insurance. Or check the first page of your closing documents (HUD-1 statement or Closing Disclosure) for the loan type.
For VA loans, check your monthly billing statement for specific references to the VA. Or check your closing documents for fees paid to the VA.
For loans guaranteed by USDA, check closing documents.
If your loan isn’t federally backed, there still may be other pandemic relief options. Click here for more information and to see if you qualify.
We’ll keep you updated with any new information we have.
What to Do If You’re Experiencing Extra Long Hold Times
To make sure we’re available when you need help, we’ve enabled nearly 100% of our employees to work from home. We have also added a significant number of team members to our customer service team. Even still, we are getting a lot more calls than normal. We’re committed to speaking to everyone who needs us, but we know that waiting on hold can be frustrating. To avoid long wait times, these tools might help:
- Visit our online help center to find quick answers on tons of topics, including mortgage assistance.
- Create an online account or Sign In to make payments, check payment activity, and access your documents. Everything you need to manage your mortgage is there.
- Get the Mr. Cooper App to manage your mortgage from anywhere. It’s free, and available for iOS and Android.
Look Out for Scams
Criminals often take advantage of situations like these to impersonate companies, charities or government agencies. Keep an eye out for suspicious looking or sounding emails, text messages, or phone calls. Remember, a Mr. Cooper team member will never ask you for your account username or password.
For more information, read our post, 8 Ways Mr. Cooper Customers Can Avoid COVID-19 Mortgage Fraud.