Make a Payment 800-201-LOAN (5626) Important Information Regarding COVID-19 and Your Mortgage To assist mortgage borrowers facing economic hardships due to the COVID-19 pandemic, Congress enacted the CARES Act. Under the CARES Act, borrowers in a federally backed mortgage loan experiencing a financial hardship due to the COVID-19 pandemic, may request forbearance by making a request to their mortgage servicer and affirming that they are experiencing a financial hardship during the COVID–19 emergency. During these challenging times, our top priority is the health and safety of the communities we serve. We also know there are a lot of messages coming from many different sources that make it a bit hard to know what to do next. We pride ourselves on being transparent with our clients. We have created this FAQ resource to give you clear answers, so you understand how we’ll work together to protect your home and credit. Q.What is Forbearance? A. A forbearance plan is a temporary suspension of mortgage payments intended to allow the time and flexibility to manage the challenges affecting a borrower’s ability to pay their mortgage. During a forbearance, no payments are expected, late charges typically do not accrue, and negative credit reporting is suppressed. The purpose of a forbearance is to give borrowers a chance to catch their breath and get through the crisis. The CARES Act provides for forbearance periods of up to one year for most borrowers. It is important to note that a forbearance is not intended as a permanent solution. It is a pause to allow a borrower to get through an acute crisis and is meant to address a temporary hardship. There is no financial gain in choosing a forbearance. Q.Who Should Apply For A Forbearance? A. If you can afford to make your mortgage payment, please do so. When there is any kind of payment pause, Gold Star and other mortgage lenders keep making your mortgage payment on a monthly basis to the bondholder invested in your loan. Only borrowers impacted in such a way that their ability to make monthly payments is impaired should elect a forbearance plan. Forbearance due to the COVID-19 pandemic is available to you in the following situations: You have lost work due to the pandemic. You are sick and can't work. You are caring for a sick family member and therefore can't work. You have experienced a significant decline in income due to the pandemic. Q. Who Qualifies For A Forbearance? A. You qualify for a forbearance plan if you have a federally backed loan (Fannie Mae, Freddie Mac, FHA, VA, USDA) and COVID-19 has impacted your ability to make your mortgage payment. Your property must fall into one of the following categories: a single-family residence; a 1-4 family residence; or an individual unit of a condominium or cooperative. Q. What Happens At The End Of Forbearance? A. Once the forbearance plan expires, the total amount of all outstanding monthly mortgage payments that were suspended during the forbearance period, as well as any previously delinquent amounts, will become due. However, we understand that not everyone will be able to do that. Here are some other options you might have to pay the past-due amount: Pay it as a lump sum; Start a repayment plan — Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance; Loan modification — If you are unable to pay a lump sum or through a repayment plan, we will work with you on a loan modification. Q. Can I Cancel A Forbearance Plan Later If I Decide I Do Not Want It? A. Yes. You can cancel your forbearance plan at any time. Just remember that when the forbearance plan ends, all payments missed during the forbearance plan will be due. Q. What If My Financial Situation Changes During My Forbearance? A. If your financial situation changes during your forbearance, please contact us immediately to reassess your circumstances and discuss alternatives. Q. I Am Currently Going Through A Refinance. If I Enter Into A Forbearance Plan, Will It Affect My Close? A. Possibly. While your forbearance is active, you are unlikely to qualify for a refinance on your home loan. Q.Is A Forbearance Plan Right For Me? A. A forbearance plan may be a great option if you need temporary relief from your mortgage payments due to the pandemic; however, we encourage you to speak with your financial advisor or attorney before making this decision. Q.How Do I Apply For A Forbearance? A. If after reading through the above information and speaking with your financial advisor or attorney, you feel a forbearance plan is the best option for you at this time, 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 the COVID-19 emergency. 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 anticipated volume – we apologize in advance for any delays. IMPORTANT TO REMEMBER: Continue making mortgage payments until you have been approved for a forbearance plan. These programs are not payment forgiveness programs. Forbearance requires payments to be repaid after the period has expired. You may make a payment to your loan at any time during the active forbearance period, which will lower the total amount due at the end of the plan. To apply for a COVID-19 Forbearance Plan click here. OUR COMPANY Terms Of Use Consumer Privacy Policy Website Privacy Policy Company State Licenses CCPA Privacy Policy Do Not Sell My Information CONNECT WITH US GOLD STAR MORTGAGE FINANCIAL GROUP 100 Phoenix Drive, Ste. 300 Ann Arbor, MI 48108 1.800.201.LOAN (5626) Consumer Access - NMLS# 3446