April 15, 2020

PHH Mortgage and its employees want you to know that we are here for you in the event it is not possible to make the monthly mortgage payment due to the Coronavirus (COVID-19) pandemic. The assistance outlined below is being provided to our customers who are financially impacted by COVID-19. If you can continue to make your payments, please do so as the options outlined are not payment forgiveness programs.

Need help?

Depending on the status of the account, the following benefits may be available for customers who have experienced a financial hardship due to COVID-19:

• Payment forbearance with repayment options
• No negative credit reporting during this period
• Waiving late fees during this period
• Postponing the foreclosure sales process during this period

What is a forbearance plan?

A forbearance plan provides immediate relief to borrowers experiencing a temporary hardship by suspending the required monthly mortgage payments. Offering a forbearance plan allows us to provide assistance quickly by not requiring documents to be submitted for review or additional paperwork to be signed and returned. The initial forbearance period currently offered for those impacted by COVID-19 is three months. The forborne payments will not be forgiven and will be due at the end of the three-month plan; however, assistance options may be available as outlined below.

What happens at the end of the initial forbearance period?

Before the forbearance plan expires, we will contact you to discuss your current status and determine what options may be available given your situation, which may include:

• Forbearance period extension – in certain cases, additional time may be provided to suspend the required monthly mortgage payment
• Lump sum payment – for those who are able to reinstate the loan, pay the full amount owed from the forbearance period. Please keep in mind that paying what you can during the forbearance period will help offset this amount
• Repayment plan – over a number of months, pay the regular mortgage payment plus an additional amount in order to pay off the full amount owed from the forbearance period
• Loan modification – if you are unable to pay the lump sum or enter a repayment plan, we may be able to offer a loan modification for qualified borrowers

Why is the only option now a forbearance plan?

As a mortgage servicer, PHH Mortgage must comply with guidelines set forth by the entity that is the owner or investor of the mortgage. These entities include Fannie Mae, Freddie Mac, Veterans Affairs (VA), Federal Housing Administration (FHA) and other private companies. The major mortgage investors are offering forbearance for customers who need assistance during the COVID-19 pandemic. The guidelines and rules are evolving, and we will keep you apprised of changes and if additional options become available. Prior to the end of the forbearance period, we will review with you all available options at that time.

Ready to proceed with an assistance request?

Please complete and submit the form below if you wish to notify us that it is not possible to make the required monthly mortgage payments due to COVID-19. After our team has reviewed the request, we will respond as quickly as possible and either mail a notice detailing the forbearance offer, or if your situation does not meet the requirements for a forbearance plan, we will notify you and outline your mortgage assistance options.

Please know that we are working as quickly as possible, but turnaround times may be as long as 10 days due to high volume. We apologize in advance for any delays.

If you still have questions…

• Email us at covid19assistance@mortgagefamily.com
• Call us at 1-800-936-8705. Call volume is extremely high, so we ask for your patience and understanding as we do our best to assist all customers. We are currently open to assist you during the following hours: Monday - Friday 9:00 a.m. – 8:00 p.m. EST.
• Log in to MortgageQuestions.com to manage your account 24/7, check payment activity and access important documents. If you don’t have an account already, you may set up an online account at MortgageQuestions.com today. Due to higher than normal call volumes, your online account will be an invaluable resource providing you with many account management tools and resources.

HELPFUL INFORMATION

Get helpful prevention tips and follow COVID-19 updates from the Centers for Disease Control and Prevention (CDC).

Beware of scams — while situations like this can bring out the best in people, they can also bring out the worst. Be on alert for suspicious looking or sounding emails, text messages or phone calls. Never give out your personal information in response to an unfamiliar email, text or call. When in doubt, check it out by calling the company directly.

Keep checking back here for updates and information.

We will all get through this together with kindness, patience, and understanding!