COVID-19 Frequently Asked Questions
I don’t want to use the mail to make my mortgage payment. How else can I make my mortgage payment?
You can sign up for an account on our homeownership platform at my.hpfc.com. With your account, you can access your account information and use the following services:
- Make your mortgage payment at any time
- Access current loan information 24 hours a day
- Request a mortgage account statement or loan documents
- Update your profile information
Can I skip a mortgage payment because I have been financially affected by COVID-19?
If you are currently experiencing a financial hardship resulting from COVID-19 (for example, a recent loss of employment or income, a reduction in regular work hours, or illness of a borrower, co-borrower or dependent family member) which has impacted your ability to make your monthly mortgage payment, we are here to help. Depending on your situation, we have program options to provide temporary payment relief.
If you are unable to make payments as a result of COVID-19, you may be eligible for a forbearance plan that provides temporary payment relief. However, you will not automatically receive a forbearance plan. To initiate a request for a forbearance plan, you must complete the COVID-19 payment relief request form by logging in at my.hpfc.com.
What special programs are in place and do I qualify?
Currently, Home Point Financial is offering financial relief through a forbearance plan. A forbearance plan is an agreement for customers that are experiencing a temporary hardship. It allows them to make reduced mortgage payments or no mortgage payment at all, based on their ability to pay during the plan’s term. Under this plan, you will not receive late fees and credit reporting will be temporarily suppressed during the plan’s term. Please note that during the term of your plan, you will continue to receive billing statements and other legally required notices.
What do I need to do to get a forbearance plan?
By logging in to your Home Point account at my.hpfc.com and filling out a short form regarding your status, we may be able to enroll you online.
What documentation do I need to show that I’m directly impacted?
No documentation is necessary for us to review you for a forbearance plan. However, if you are still experiencing hardship at the end of the plan, we may require documentation to identify other options to help resolve your situation.
I have read other companies are offering deferments, are you/why aren’t you?
A deferment plan and a forbearance plan are very similar. Both give you the chance to delay payments for a period of time. Forbearance is a very common option on mortgages that we use to ensure our customers get the help that they need as fast as possible.
Why am I limited to two-month forbearance and not something longer?
It is important to remember that suspended payments are due at the end of the forbearance plan, and a shorter forbearance limits the financial burden you will face at the end of the term. It also allows us to reassess your financial situation so we can identify other payment relief programs if your financial situation does not improve under the forbearance plan.
What happens if I need longer than two months?
If you find that two months is not long enough, we encourage you to reach back out to us at least two weeks before the end of your plan so that we can try to work with you on additional options. Options to resolve your delinquency may include other workout programs, including a repayment plan, deferral, or loan modification.
How will my credit be impacted if I am approved for a payment relief forbearance plan?
Home Point will suppress all credit reporting, including your entry into a forbearance plan, to the credit reporting agencies during the term of the plan. However, credit reporting agencies may consider whether there is an increased credit risk due to the lack of reporting. We are uncertain as to the impact on your credit score, particularly if you are current on your mortgage or otherwise have a good credit score.
Will my autopay plan (ACH) be automatically canceled if I am approved for a forbearance?
If you are on an autopay plan (ACH) and you are approved for a forbearance, we will cancel autopay for the duration of the forbearance plan. ACH will not automatically reset at the end of the forbearance plan. This means you will have to set up the service again if needed. We apologize for any inconvenience this may cause you.
Will my taxes and insurance still get paid during the forbearance plan?
If your tax and insurance payments are currently made by Home Point through your escrow account, we will continue making these payments during the forbearance period.
Could I face foreclosure during the forbearance?
No, once you are approved for a forbearance plan, foreclosure activity is put on hold, if applicable. Additionally, even if you are not approved for a forbearance plan or decide a forbearance plan is not right for you at this time, there is a nationwide moratorium on foreclosure and eviction activity for owner-occupied residences through at least May 17, 2020. Your state may have additional protections in place.
Will I be charged late fees during my forbearance period?
You will not be assessed any late fees while you’re on this plan.
Can I send in a partial payment?
Yes, we encourage you to send what you can during the forbearance period to decrease the total amount owed at the end of the plan. Any payments you make during the forbearance plan will be held in a suspense account until it contains sufficient funds to pay your oldest past-due monthly payment in full. Unless required by applicable law, there will be no interest paid on the funds held in the suspense account. If any funds are in the suspense account at the end of the forbearance plan, they will be applied to your mortgage loan per the terms of your mortgage loan documents.
Will I be required to pay all the outstanding payments at once when this is over?
Depending on your situation when the forbearance is complete, options to resolve your delinquency may include workout programs such as a repayment plan, deferral, or loan modification.