The COVID-19 pandemic has had a major impact across the country and around the world. With loss of employment and decline in income, many borrowers have been left with questions surrounding their mortgage. As one of the top Mortgage Servicers in the country, Colonial is here to help provide assistance to those who have been affected. Below we have a list of Frequently Asked Questions (FAQs) regarding what you can do to request assistance during this challenging time.

I have tried to call Customer Relations but have not been able to get assistance. What should I do?
We are experiencing higher than normal call volumes and appreciate your patience. Another way to reach us is through secure messaging. Please login/register at ServiceHomeLoan.com. 

How can I access my account electronically?
You can register online at ServiceHomeLoan.com. Please note that you will need your account number to register.
Once registered, if you would like to receive your statement electronically, you will have the ability to manage your preferences.

I am unable to make my next mortgage payment. Is there payment assistance available? 
If you’re experiencing financial difficulty as a result of the COVID-19 pandemic, please login/register at ServiceHomeLoan.com and submit a secure message using “COVID-19 Request” category. We will complete our review within five business days and advise of available assistance per investor guidelines. 

The majority of our investors allow us to initially offer a payment forbearance plan. A forbearance plan provides temporary payment relief by allowing you to reduce or suspend your monthly payment for a period of time. In addition, while on this plan, late charges and negative credit reporting will be suspended.   

As the plan comes to an end, we will work with you to determine next steps / options available.

What do I do about my escrow?
You can make escrow payments each month during the forbearance period, or you may also choose to suspend those. If you suspend escrow payments, the monthly loan payment will be increased at the next escrow analysis to make up for the shortage. This could result in a increase in the next escrow payment.

If you choose to make your escrow payments, please mail them to:

PO Box 650895
Dallas, TX 75265
Be sure to note on your payment that it is for escrow only and indicate your loan/mortgage number.
 
Does interest accrue during the forbearance period?
Yes, interest will continue to accrue during the forbearance period.

Will the suspended payments be deferred to the end of the loan?
We will work with each customer to determine the best available resolution strategy as the forbearance period nears expiration. This may include:
  • Reinstatement – with this option, the total missed amount is paid all at once.
  • Repayment Plan – Repay a portion of the missed amount each month if you can afford the regular monthly payment plus an additional amount. The missed amount is repaid over a period of time and must be made with the regular monthly mortgage payment. Your monthly mortgage payment will be higher during the repayment plan and return to the regular monthly payment after the plan.
  • Modification: If you qualify, your loan’s terms (which could include interest rate, term) may be adjusted to provide an affordable payment and cover the amount owed. This may include an extension at the end of the loan giving you additional months to pay.
Will a Mortgage Forbearance impact my credit?
During the forbearance period, credit reporting will not show delinquent payments owed and late charge assessment is suspended. However, your credit report will show you as being on a forbearance plan which could have an impact on your overall credit score as determined by the various credit report agencies. 

Will my ACH (electronic) payment be auto-cancelled if I am on a forbearance?
Yes. 

What if I can’t pay my mortgage after the forbearance period expires?
We will reach out to you prior to expiration of the forbearance period to review your current financial situation. We are here to help and will work with you to determine the best strategy to assist you long-term.

I am required to pay via certified funds, but cannot leave my house. How can I comply?
Please contact Customer Service at (800) 937-6302 and we will work with you on options available to assist you during this time. 

Can I cancel my ACH over the phone?   
Yes. You may cancel ACH by calling (800) 937-6302 or by secure message at ServiceHomeLoan.com.

Is the COVID-19 Forbearance Plan right for me?
The forbearance plan may be a great option if you need temporary relief from your mortgage payments due to COVID-19.  We do, however, recommend you to speak with your financial advisor or attorney before making this decision.

What options may be available to me if I cannot pay the full amount of the missed payments at the end of the COVID-19 Forbearance Plan?
If you get to the end of your forbearance period and can’t bring your balance current, you may have a few options:
  • Repayment Plan – Repay a portion of the missed amount each month if you can afford the regular monthly payment plus an additional amount.  The missed amount is repaid over a period of time and must be made with the regular monthly mortgage payment. Your monthly mortgage payment will be higher during the repayment plan and return to the regular monthly payment after the plan.
  • Modification: If you qualify, your loan’s terms (which could include interest rate, term) may be adjusted to provide an affordable payment and cover the amount owed. This may include an extension at the end of the loan giving you additional months to pay.
  • If you are not ready to resume regular monthly payments, we will discuss other options which may include extension of the forbearance term.  
I’m currently going through a refinance. If I enter into the COVID-19 Forbearance Plan, will it affect my close?
We recommend you speak with your lender to review any potential concerns.