COVID-19 has affected all of our lives in one way or another, including our finances. For those experiencing a job loss due to the COVID-19 pandemic, we would like to extend help during this difficult time. CU Members Mortgage is working with federal agencies and your Investor to make programs available to our members on a case-by-case basis. Please know that program requirements and terms may vary depending on the Investor on your loan. Please contact our Servicing department to learn more about what options are available to you.
Mortgage Forbearance is a payment solution that allows members to temporarily pay a lower amount on their mortgage or pause their mortgage payments for up to six months without the threat of foreclosure. The investor, federal agency and member’s unique situation are all factors considered when determining mortgage forbearance options.
Reasons for Mortgage Forbearance
- Loss of employment
- Decline in income
- Illness and unable to work
- Caring for a sick family member and unable to work
After the Forbearance Period
At the end of the Mortgage Forbearance period, all payments not made are required to be paid back. Below are three options members have to pay back funds, and are subject to investor requirements and may differ from Investor to Investor:
- Lump Sum Payment: The simplest option for members is to make any deferred mortgage payments in one lump sum at the end of their forbearance. We understand this may be difficult if the member has experience loss of income or employment.
- Repayment Plan: Some members may qualify for a repayment plan, which allows members to pay an extra amount each month until the amount owed for the forbearance is met.
- Loan Modification: On a case-by-case basis, CU Members Mortgage may allow a member to modify their loan, which will likely restructure the interest rate and term of the loan to make forbearance repayment possible.
Contact CU Members to Review your Options
We understand the massive impacts COVID-19 has had in our communities, across the country and around the globe. CU Members is working closely with federal agencies to offer options for members who are being most affected. If COVID-19 has affected your ability to make your mortgage payment, we are here to help. Please call us at 800-937-6303 or 800-937-6002 or you can send a secure message through our website at www.servicehomeloan.com and one of our dedicated specialists will assist you.