Message from our benefits partner at HomeStreet Bank that may be of interest to those encountering challenges with rent or mortgage payments:
If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage or rent. As a result of the CARES Act, Federal and state governments have announced plans to help struggling homeowners during this time.
Major mortgage relief options during the coronavirus pandemic:
Forbearance is when your mortgage servicer or lender allows you to pause or reduce your mortgage payments for a limited period of time. Forbearance doesn’t erase what you owe – you’ll have to repay any missed or reduced payments in the future – but it can protect your credit if you miss part or all of your payments during this period.
- If you can’t pay your mortgage, or can only pay a portion, contact your mortgage servicer immediately.
- It may take a while to get your loan servicer on the phone due to the extremely high call volume they are receiving.
- Have your account number handy.
- You may need to explain why you’re unable to make your payment and provide details about your income, assets, and expenses
- Once you’re able to secure forbearance or another mortgage relief option, ask your servicer to provide written documentation that confirms the details of the agreement.
NOTE: If your mortgage is serviced by HomeStreet Bank and you have been impacted by COVID-19 and would like to request a payment forbearance or deferral, you may email firstname.lastname@example.org. Please provide your full name, loan number, and a good contact phone number and they will reach out to you within 48 hours. You may also call 1-844-544-9071 to reach a dedicated Loan Counselor. Please be aware call volumes are high and hold times are longer than normal. The hours of operation are Monday through Friday, 8:00 a.m. to 5:00 p.m. Pacific Time.
Protections for renters
The CARES Act provides for a suspension or moratorium on evictions if your landlord has a federally backed mortgage or multi-family mortgage, and you cannot be evicted for nonpayment of rent for 120 days beginning on March 27, 2020. If the property you rent isn’t covered by the CARES Act, many states have suspended all evictions and foreclosures due to the pandemic.
Editor’s note:This article was provided by HomeStreet Bank as a courtesy to UHPA members and has been published here with minimal, if any, editing- please contact them directly if you have any questions or comments.