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H O U S E & H O ME
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been communicating with them directly each month when you pay your mortgage.
To answer the question, “Is my mortgage loan a federally backed mortgage loan” simply pinpoint, then contact your loan servicer. As soon as you close on your mortgage loan, your mortgage servicer is responsible for any questions pertaining to your loan. Check your most recent loan statement to identify the company currently servicing your mortgage. This is the entity that will handle your forbearance, if you qualify.
*Your mortgage loan statement will be branded with your loan servicer’s company information. This may be at the top left corner (as pictured above) or could be anywhere on the statement.
You likely worked closely with a mortgage broker or mortgage banker to secure your home loan. However, once you’ve closed and your new loan has been funded, the loan servicer becomes your primary contact for speci c questions about your loan. Depending on the type of mortgage professional you used to obtain your loan, your loan servicer could be the same company or a di erent one. Keep in mind that your loan servicer may have changed over the life of your home loan since occasionally, the original, or a subsequent, loan servicer will transfer the servicing of your loan to a di erent servicer. In that case, you would have received a letter (or other communication) informing you of the change. That’s why the easiest way to nd your current loan servicer is by checking your most recent mortgage loan statement for servicer contact information.
Your loan servicer will be able to tell you if your loan is a “federally backed mortgage loan” as de ned in the CARES Act and therefore eligible for forbearance. You may also take this opportunity to inquire about repayment options before committing to forbearance. Requesting descriptions of repayment options (which may include a payment plan, loan modi cation or lump- sum payment) could also prove very bene cial. And, even if your loan is not eligible for forbearance under
May 2020 • Castle Rock “AreaNewsletters”
the CARES Act, your loan servicer will be able to tell you if they can o er some other form of forbearance, deferment, modi cation or other payment relief.
The Mortgage Broker’s Role
A mortgage broker works closely with you to shop loan options so that you can select the rate and terms that work for you. Mortgage brokers are able to comparison shop home loans because they have access to a variety of mortgage lenders, each of whom likely o er many loan products. You can think of a mortgage broker as your home loan personal shopper.
If you worked with a mortgage broker to obtain your current home loan, this is probably who you think of when you recall your home loan acquisition process. Mortgage brokers are fantastic ongoing resources for information on re nancing or future home purchases.
Mortgage broker – Mortgage brokers work closely with the borrower to shop loan options from a variety of lenders. They guide clients through the home loan acquisition process.
Mortgage lender – A nancial company or bank who provides the funds (and terms) for a given home loan.
In essence, you can determine whether you qualify to defer a mortgage payment by contacting your mortgage loan servicer. Check your most recent home loan statement and contact the loan servicer (company) listed there. They’ll be able to answer any questions pertaining to forbearance requests, loan ownership and “federally backed mortgage loan” status. Remember that even if you don’t qualify for mortgage forbearance under the CARES Act, there may be other sources of nancial relief outlined in the CARES Act to support. Take care, stay tucked away and keep your loved ones and community healthy during this global health crisis.
For more information about mortgages, contact Tiffany Brown, Broker/Owner, Motto Mortgage, Castle Rock. 727-204-8852. See ad on previous page.
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The answer to, “Can I defer my mortgage payment under the CARES Act?”