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COVID-19 And Your Mortgage: FAQs

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Last Updated: May 4, 2020

During these challenging times, our top priority is the health and safety of the communities we serve. We’re finding new ways to deliver the mortgage experience you deserve while keeping you safe.

We also know there are a lot of messages coming from many different sources that make it a bit hard to know what to do next. We pride ourselves on being transparent with our clients. We’ve created this FAQ resource to give you clear answers, so you understand how we’ll work together to protect your home.

Mortgage Assistance

What should I do if I can’t make my mortgage payment?

If COVID-19 has impacted your ability to make your mortgage payment, you qualify for a forbearance, which is a way to pause your mortgage payment.

We’ve made applying easy. If you can’t make your payment, simply apply for assistance by signing in to Rocket Mortgage®.

¿Existen materiales en Español acerca del COVID-19?

Si, Información en Español acerca del COVID-19 puede ser encontrado en RocketMortgage.com/es.

What is a forbearance?

Forbearance is an assistance program that pauses your mortgage payment. At the end of your forbearance plan, we can discuss options to help you become current or extend your forbearance. Your forbearance can last a total of 12 months. The payments paused during forbearance won’t be reported late to the credit bureaus.

When should I apply for a forbearance?

The right time to apply for a forbearance is when you’re no longer able to make your mortgage payment. We recommend waiting until you can’t keep up with your current mortgage payment. That way, your forbearance will help you in the months you need it most.

Are there different assistance options depending on the type of loan I have?

No. Whether you have a conventional, FHA, VA or USDA loan, you’ll be eligible for a forbearance.

Will my credit be affected if I get a forbearance due to COVID-19?

If you get a forbearance because you’re impacted by COVID-19, we won’t report payments that are paused during forbearance as late.

What happens after the forbearance ends?

We’re here to help you figure out how to bring your loan current. Here are some options you might have:

  • With a repayment plan, we’ll add part of your past-due amount to your regular mortgage payment each month.
  • With a deferral or partial claim, we’ll set your total past-due amount aside to be paid later. It will be due when you pay off your mortgage, sell your home or refinance. You won’t be charged any interest on the deferred balance.
  • With a loan modification, we’ll modify the terms of your existing loan to include your past-due payments. 

You also have the option to pay the total past-due amount. This will bring your loan current right away.

If you extend your forbearance, you can still apply for these options to bring your loan current at a future date. Keep in mind, however, that you’ll have a larger amount you’ll need to bring current, which may make it harder to get caught up.

It’s also important to note that you have the option of paying whatever you can during the forbearance; this will make the amount you owe at the end of forbearance more manageable.

My forbearance is 3 months long. What if I need more time to catch up?

Under the CARES Act, which provides relief during COVID-19, you have a right to a forbearance that pauses your payments for up to 12 months total. Here’s how it works:

  • You start with a 3-month forbearance.
  • We’ll automatically extend your forbearance another 3 months if you can’t resume payments.

After you’ve used 6 months of forbearance, you can extend your forbearance again if you can’t resume payments. Just check in from your RocketMortgage.com dashboard to let us know.

If you extend your forbearance, you can still apply for options to bring your loan current at a future date. Keep in mind, however, that you’ll have a larger amount you’ll need to bring current, which may make it harder to get caught up.

Are other servicers providing the same mortgage assistance options to clients impacted by COVID-19?

The words “forbearance” and “deferral” are often used interchangeably, so it may seem as if servicers are offering different types of mortgage assistance. In most cases, they’re actually offering the same investor-approved solutions.

The mortgages we service, like most in the U.S., are serviced on behalf of investors. We can only offer the assistance options they’ve approved.

We’re staying in close contact with investors, so if additional options become available, we’ll be sure to communicate those with you.

In-Process Home Purchase and Refinance Clients

I have a home purchase or refinance in progress. Will you still be able to close my loan?

Yes! Even though shelter-in-place and stay-at-home orders are going into effect across the country, we're finding new ways to deliver the mortgage experience you deserve while keeping you safe. Learn more about how we're handling shelter-in-place orders, appraisals and closings.

What if an appraiser is supposed to come to my house?

In many cases, we’re able to offer alternatives to in-person appraisals. We recently expanded the availability of appraisal alternatives like property inspection waivers, off-site valuations and drive-by appraisals. This replaces the in-person appraisal requirements on many of our loans.

For instances where in-person appraisals are still required, we’re working with appraisers to ensure that no one is conducting an appraisal who shouldn’t be – based on their recent travel, interactions, health symptoms, etc. We’re ensuring that appraisers understand and follow all CDC guidelines and take proper sanitary measures the entire time they’re at your home. 

But we also need your support. When the appraiser arrives, they’re going to ask to maintain a physical distance of at least 6 feet, and they will not shake your hand. This isn’t because they’re unfriendly; it’s because they’re following CDC guidelines. They may even arrive wearing rubber gloves or a facemask as an added precaution.

The appraiser may even ask about your health or recent travel. We respect your privacy and don’t need any personal details, but if you think you may be sick, or if you’ve visited an area with active outbreaks, please let us know so we can find a solution.

If I live in a shelter-in-place state, how do I close my loan?

Even though shelter-in-place orders are in effect in many areas of the country, the mortgage process can still continue. In some cases, we can offer an e-closing experience that can be done virtually.

But in the event that an e-closing isn’t possible, we’re ensuring that closing agents follow all CDC guidelines and take proper sanitary measures the entire time they are at your home. They will ask to maintain physical distance of at least 6 feet, and they will not shake your hand to maintain proper safety. They may even arrive wearing rubber gloves or a facemask as an added precaution.

We respect your privacy and don’t need any personal details, but if you think you may be sick, or if you’ve visited an area with active outbreaks, please let us know so we can find a solution. Thank you for your support and cooperation.

Resources

What’s the fastest way to get help?

To get help quickly, you can apply for assistance options on Rocket Mortgage®. You can also sign in to your Rocket Account1 to make payments, view loan documents, check on your escrow account and more.

Where can I get more information?

To get additional information about the COVID-19 situation,

1 Rocket Account is your account created in connection with Rocket Mortgage®, Rocket Loans®, Rocket HomesSM or Rocket HQSM. Quicken Loans, Rocket Homes Real Estate LLC, Rocket Loans® and Rocket HQSM are separate operating subsidiaries of Rock Holdings Inc. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable legal and regulatory requirements.

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