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Home Loan Payment Assistance

Understanding the Home Loan Payment Relief Process
NavyArmy is committed to helping home loan members experiencing financial hardships. Currently many of our members are experiencing financial difficulties from the impact of COVID-19. We’re here to help!

Please watch this informative video for a brief overview of payment assistance options.

What is the process?

Step 1: Initiate your RequestStep 2: Understanding your COVID-19 Home Loan Payment AssistanceStep 3: Return signed Forbearance AgreementStep 4: Ready to Resume Payments? Please contact us at 1-800-622-3631 ext. 1003.

Please contact us at 1-800-622-3631 ext. 1003 or use our simple and convenient Loan Solution Center  to submit your request for home loan payment assistance.

We strongly encourage utilizing our Loan Solution Center  to avoid long phone hold times!

Loan Solution Center: How-To Guide

Temporary Hardship typically results in a forbearance. Here’s what you need to know about a forbearance:

  • Payments are suspended for 90 days
  • No late fees are accessed for 90 days
  • No negative credit reporting for 100 days

The suspended payments will be due in full. It is difficult right now, to predict the impact or time it will take to recover from this COVID-19 pandemic. If your financial situation is stabilized before the 90 days and you are able to pay your payments as agreed, thank you!

If you are unable to pay your payments and need more time or other alternatives, please contact us at 1-800-622-3631 ext. 1003 or visit our Loan Solution Center to request additional assistance.

A Forbearance Agreement will be mailed to you. You will be required to return the signed and dated Forbearance Agreement before the date shown on the agreement. Please view the Sample Forbearance Agreement in order to know what to expect. All borrowers must sign and date the agreement.

The signed and dated forbearance agreement can be returned using any of the following methods:

  1. Submit and Complete by using our Loan Solution Center  secure portal
  2. Email form directly to Loss Mitigation at lossmitproxy@yourmortgageonline.com
  3. Fax to 1-847-574-7569 / Attention: Loss Mitigation
  4. Mail to:
    Loss Mitigation, Mail Stop LMP1710
    1 Corporate Drive #3601
    Lake Zurich, IL 60047

NavyArmy intends to offer three options for homeowners to resume payments once exiting a Pandemic Forbearance Plan.

  1. Reinstate your loan – if you’re able to pay the suspended payments and you can resume your regular mortgage payment.
  2. Extend your Forbearance – if your financial position has not improved and you can’t resume your regular mortgage payment.
  3. Defer suspended payments to the end of the loan, interest free (as a balloon payment) – if you can’t reinstate the loan but can resume your regular mortgage payment.
  4. Extend your loan term to defer the suspended payments to the end of the loan – if you can’t reinstate your loan but can resume your regular mortgage payment. (Please note: Texas prohibits balloon payments on Texas Home Equity Loans.)

Note: If you loan was past due prior to the forbearance and you were granted a forbearance, we can help you. Please contact us at 1-800-622-3631 ext. 1003.

Frequently Asked Questions:

Will there be a charge to get help?

• No. There should never be a fee to obtain assistance or information about foreclosure prevention options from your mortgage servicer.

• Never send a mortgage payment to a company other than the one listed on your monthly mortgage statement.

• Beware of scams and anyone offering to help you for a fee.

When can I speak with a home preservation specialist?

Home preservation specialists are available Monday – Friday, 9 am to 5 pm CST.

What is a Forbearance Agreement?

Temporary Hardship typically results in a forbearance or repayment plan. Here's what you need to know about both programs and how they help you get through a temporary hardship.

How does a forbearance work?

A forbearance plan reduces or suspends the amount of your regular monthly mortgage payment if a life event is expected to decrease your cash-on-hand soon. More often, it is used in times of temporary hardship, like unemployment.

How does this benefit you?

For a specific period, a forbearance plan can provide short-term mortgage payment relief until you're in a better financial situation.

Important Considerations:
• You must contact us on a monthly basis to provide regular updates on your financial status.

• At the end of the forbearance period, the payment amounts that were suspended or reduced during the forbearance period accrue and are expected to be paid current. At that time, we'll work with you and review your financial situation to see if you're able to repay the forbearance amount, or if a long-term option like a loan modification is available to you.

Will my credit be affected during a forbearance?

Loans that are in forbearance with missed payments will NOT be reported to credit bureaus. Borrowers that do make their regular payments will be reported regularly.

How does a repayment plan work?

• Missed payments are divided into manageable amounts and spread out over time.

• By catching up as soon as possible, you keep a temporary problem from having longer-term effects.

• It may be less damaging to your credit score than a foreclosure sale.

Important considerations:

During the repayment period, your payments may be much higher than your regular payment amount. We’ll need to make sure your income can support those payments before starting your plan.
Permanent (long term) Hardship typically results in a loan modification. Here’s what you need to know about a loan modification and how it can help you get through a permanent (long term) hardship.

What happens after the Forbearance Period has expired?

The suspended payments will be due in full. It is difficult right now to predict the impact or time it will take to recover from this COVID-19 pandemic. If you recover and can afford to pay your payments as agreed, thank you!

If you are unable to pay your payments and need more time or other alternatives, please contact us at 1-800-622-3631 or visit our Loan Solution Center to request additional assistance.

What should I expect while in forbearance?

Once you’ve been enrolled in the plan, very little is required on your end.

So here are a few important tips to provide peace of mind

  • You Won’t Have to Make Your Full Mortgage Payment
    During your forbearance, you will not need to make your full monthly mortgage payment. Your payments will be paused immediately once your forbearance has been approved. We do however recommend you stay current on your escrow payment if you can. Shorting the escrow account may impact your loan payment when it is time to resume regular payments.
  • You Will Still Receive Your Monthly Statement
    We are legally required to send you monthly statements. Don’t be surprised when you get one in the mail or in your email inbox. This doesn’t mean a payment is due. Also, don’t be alarmed when you see your payment past due. Since you are not making payments during a forbearance, your loan is delinquent. We are legally required to send you certain notices about your delinquent status. However, you are not being charged late fees and we are not reporting your delinquency to credit agencies during the forbearance period, and we are not taking the next steps in any foreclosure proceeding while the forbearance plan or the moratorium is in place.
  • You Can Cancel Any Time
    If your financial situation improves, you can cancel your forbearance at any time. We do recommend you keep paying your mortgage if possible.
  • We’ll Be in Touch with You to Figure Out Next Steps
    We will occasionally touch base with you during your forbearance to make sure everything is going okay and to help you start thinking about what will happen after your forbearance. Please also contact us to let us know how you’re doing. Please contact us at 1-800-622-3631 ext. 1003.

During the last 30 days of your forbearance, you’ll need to decide about what happens next. This could mean extending your forbearance if you’re not able to resume your regular mortgage payments yet, or it could mean resuming payments and figuring out a plan to bring your account current.

Do I need to cancel Auto Pay during the Pandemic Forbearance Plan

It will depend on how you have the payment setup.
>If you have it setup through our Home Loan Payment Center, we will automatically cancel your AutoPay.  If you see that your AutoPay is not cancelled, however, you should take steps to cancel it.
>If your payment is setup through your NavyArmy bill pay or another financial institutions bill pay system, please be sure to cancel or suspend payments while in the forbearance plan. 

Why am I receiving documents/letters that indicate I’m delinquent?
Since you are not making payments during a forbearance, your loan is delinquent. We are legally required to send you certain notices about your delinquent status. However, you are not being charged late fees and we are not reporting your delinquency to credit agencies during the forbearance period, and we are not taking the next steps in any foreclosure proceeding while the forbearance plan or the moratorium is in place.
Can I cancel the Pandemic Forbearance Plan later if I decide I don’t want it?

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.

What if my financial situation changes during my forbearance?

If your financial situation changes during your forbearance, please contact us immediately to reassess your circumstances and discuss alternatives.

PLEASE NOTE: All suspended payments will be due at the expiration of the forbearance period. If you are unable to make the suspended payments at the expiration of the forbearance period, you can request additional assistance.