Mortgage Forbearance During COVID-19

  • Posted on: 4/29/2020
Mortgage Forbearance During COVID-19

HOMESTAR’s top priority is to protect the health and safety of our employees, customers, and business clients. We are constantly monitoring the coronavirus (COVID-19) situation, including staying up-to-date at all times and following guidance from the CDC and other authorities.

HOMESTAR continues to maintain its business operations, at full capacity, with minimal interruptions to its customers. Our infrastructure is designed to handle a crisis such as this, and all of HOMESTAR’s employees are fully equipped to work virtually.

HOMESTAR is here to assist you with all of your mortgage needs! Below you will find important answers to FAQs regarding your mortgage with HOMESTAR during COVID-19.

FAQs Regarding COVID-19 and Your Mortgage:

1. I have been impacted by COVID-19. What are the mortgage relief or payment options currently available from HOMESTAR?

HOMESTAR is dedicated to serving its customers and assisting them with their questions or concerns during this uncertain time. Borrowers impacted by COVID-19 are provided the following mortgage relief or payment option, as needed:

Forbearance: During the forbearance period, HOMESTAR will suspend monthly payments and will not assess late fees or report negatively to the credit bureaus.

You will be required to pay for the three months of suspended payments either during the forbearance timeline or following the end of the three-month term. If your current situation will be permanent or expected to continue past the three-month period and long-term assistance will be required, please contact our team of trusted mortgage loan servicing professionals to discuss your options.

HOMESTAR’s mortgage relief or payment options are directed by regulatory requirements. If you are able to continue making payments each month, that is highly recommended. HOMESTAR will not report negatively to the credit bureaus while you are in an approved plan, like forbearance.

HOMESTAR’s customers are in our thoughts as we navigate this trying time. We are here to help you!

2. If I am able to continue making mortgage payments during this time, can I do so?

Yes, we highly encourage that you continue making your mortgage payments each month. Any payment other than a full contractual payment cannot be applied until the full payment has been received. If you opt for a partial payment, HOMESTAR will hold funds in suspense until the full payment has been received. If you are under an approved forbearance plan, you will not be required to make payments.

3. While in forbearance, will I continue to receive letters regarding my delinquency status?

Yes, according to investor guidelines and due to compliance requirements, HOMESTAR must send certain letters, including statements concerning delinquency. If you are under an approved forbearance plan, you will not be required to make payments, and HOMESTAR will not assess late fees or report negatively to the credit bureaus.

HOMESTAR will continue monitoring the COVID-19 situation and provide important updates as needed. Please contact us with any questions or concerns you have as we navigate this difficult time.

Thank you for your support and understanding!