COVID-19: Mortgage Payment Questions

Understanding your Mortgage Payment Options:

Recently, The White House and Federal Housing Finance Agency (FHFA) has released guidance on forbearance options for Americans who can’t pay their bills due to the COVID-19 pandemic. At Sierra Pacific Mortgage, we want to make sure all mortgage paying customers understand their available options during this national crisis.

What could this mean for you?
If your ability to pay your mortgage is impacted, you are eligible to delay making your monthly mortgage payments temporarily. During this temporary period, you will not incur late fees, have delinquencies reported to the credit bureaus, or face foreclosure and other legal proceedings.

Frequently Asked Questions:

We recognize that these are challenging times and that many of our valued customers have been impacted by COVID-19. If you are experiencing an income curtailment or medical bills that are impacting your ability to make your mortgage payment, there is assistance available.

Check out these FAQ below to find out how we can help you.

Q: What if I’m unable to make my next mortgage payment?

A: If you’re experiencing financial difficulty as a result of COVID-19, we can help. A short-term forbearance plan will provide temporary relief by allowing you to pay reduced, or even no, payments for a brief time, depending on your individual situation, along with protection from late fees and negative credit reporting.

Q: Who do I call to get help?

A: If your loan is currently through Sierra Pacific or another lender, you need to call the number shown on your monthly statement. This phone number will get you directly through to our servicing team, who can help. Sierra Pacific Mortgage has two main servicing centers. The staff at the number on your statement is the only staff that has the key information to service your need. If you have registered for an online account, you may also use the contact paths as outlined on that website location. Simply Googling the mortgage company or calling the corporate office will take extra time and require a phone transfer to the proper servicing team. Save time and check the number on your statement prior to calling.

Q: Why can’t I get through on the phone?

A: As a result of self and mandatory COVID-19 (the coronavirus) quarantines and recent market changes, we are experiencing an unprecedented call volume. Wait times can sometimes take over one hour. Please be patient, keep trying and thank you in advance for your understanding. We are working diligently to help each and every customer who needs the assistance during this national crisis. This is the fastest path to getting the support you need.

Q: What if I already called Sierra Pacific and was told there is no assistance available?

A: Chances are you called earlier in March 2020, when there were no government or national loan forbearance policies yet in place for mortgage lenders. If you received this answer earlier in this COVID-19 crisis, we encourage you to try again, as there are new national loan forbearance solutions in place for all our loan servicing customers. Please call the number on your payment statement and we will be happy to help you.  

Q: How much will I have to pay at the end of my forbearance?

A: Typically, a loan forbearance must be paid back. Our loan servicing team will walk you through some options. In most cases, the amount must be repaid in a balloon payment at the end of the forbearance period. A forbearance should not be considered as free money. Because you won’t know upfront how much you will be able to pay when the forbearance period ends, or when you’ll be ready to resume regular payments, please keep in contact with us and we will do our best to work with you toward the end of your forbearance period to determine the best plan to repay the missed payments.

Q: Will you report my loan negatively to the credit bureaus?  

No. Sierra Pacific Mortgage has blocked all negative credit reporting for the duration of your forbearance.

Q: Will I have late fees as a result of COVID-19 impacting my ability to make my payment?  

No. Sierra Pacific Mortgage will be waiving late fees during the forbearance period for borrowers who have been impacted by COVID-19. 

Q: Will my loan be referred to foreclosure if I can’t make my payment during this period?  

No. Sierra Pacific Mortgage has suspended referring loans to foreclosure during your COVID-19 forbearance period and will review again if the crisis has not abated.  

Q: If I have enrolled in automatic payments on my loan, do I need to call and cancel if I don’t want my next payment to be automatically processed?  

Yes. Please call or login to the website listed on your payment statement at least 5-days before the withdrawal date and cancel your autopay.  

Q: What if my loan is not through Sierra Pacific?

Most mortgage loan servicers offer very similar assistance programs. Please visit the information listed on your specific loan servicer’s payment statement or servicing website and arrange repayment options directly with your servicer. For homeowners who require more permanent payment reductions, loan modification programs should also be available that require a showing of reduced income. All assistance programs should allow you to repay the missed payments over time.

For more information regarding the most recent, federally regulated guidelines visit these sites:

Sierra Pacific Mortgage is committed to our customers and together we will get through this.

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