COVID-19 Guide – WE ARE HERE FOR YOU
If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage. Federal and state governments have announced plans to help struggling homeowners during this time. Read this to get information on what to do now, and what your options are for mortgage relief.
Important things to know first:
For many homeowners with mortgages, there’s help, but first assess your situation.
- If you can pay your mortgage, pay your mortgage.
- We are experiencing the same issues as other mortgage servicers in receiving a lot of calls / emails and need to first help those who won’t be able to pay their mortgage. We are updating our website regularly with additional information as it becomes available from our mortgage investors and regulators.
- If you unable to pay your mortgage, or can only pay a portion, contact us immediately as noted below.
- We suggest you view this helpful video from the CFPB by CLICKING HERE.
- Review the CFPB’ S Guide to coronavirus mortgage relief by CLICKING HERE.
On March 27, 2020, President Trump signed the CARES Act into law to provide economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act includes the following relief for homeowners with mortgage loans during the pandemic:
A homeowner with a Federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID–19 emergency may request forbearance on the Federally backed mortgage loan, regardless of delinquency status, by (A) submitting a request to the borrower’s servicer; and (B) affirming that the borrower is experiencing a financial hardship during the COVID–19 emergency.”
Under the CARES Act, we are required to grant forbearance for an initial period of up to 180 days, and borrowers can request an additional extension of 180 days. You also have the option at any time to shorten the forbearance period and resume payments. To request forbearance, you do not need to provide any documentation showing hardship and only have to “attest” to Standard Mortgage that you are suffering a financial hardship.
Requests for assistance will receive a returned call, email, or mail confirmation from us as soon as possible, which will address the available options based on individual loan types. Correspondence will also outline terms and conditions of requested forbearance, payment deferral or other available options.
In the meantime, please be assured of the following on all requests for COVID-19 assistance:
- Loans will not be assessed late fees
- Loans will not be reported as past due to the credit reporting agencies during forbearance
If follow-up correspondence is not received from us within 14 days of your request, please contact us by email at Covid19_Assistance@stanmor.com or toll free at 1-800-448-4190.
Please take advantage of our online resource, eStatus Connect , to access your account information as we continue to work through this ever changing National Emergency.
Thank you for the opportunity to service your home loan.
STANDARD MORTGAGE CORPORATION