COVID-19 FAQ

If your monthly mortgage payment has been suspended due to the COVID-19 National Emergency, Planet will automatically cancel your ACH payment during the forbearance setup process. Depending on your draft date, you may need to contact your financial institution to issue a stop payment, as it may be too late for us to cancel.

Once your account is current and you no longer need a suspension for your monthly mortgage payment, you will need to reestablish your ACH setup by following the below steps.

• Send an email to CS@myloansupport.com. In the subject line just notate: Reestablish ACH; or
• Call 866-882-8187 and choose option #2 to speak with Customer Service to reestablish your automatic payments.

There are several options available to you.  One option is a Forbearance Plan, which means your monthly mortgage payment will be suspended for a period of time until you get back on your feet.  Please note this is a temporary suspension and at the end of the forbearance period, Planet will contact you to review your mortgage loan for an extension of the forbearance or a long-term solution depending upon your financial situation and ability to make payments. If your loan is on our automatic payment plan (ACH), this service will be canceled while you are setup on any COVID-19 National Emergency plan. Under the CARES Act, customers with federally backed loans are entitled to up to a 180-day forbearance, then upon request, a second 180-day forbearance. 

A forbearance plan is a temporary suspension of your mortgage payments to allow time to resolve your ability to pay your mortgage.  Forbearance does not mean your payments are forgiven. You are still required to eventually fully repay your forbearance, but you won’t have to repay it all at once — unless you are able to do so.

At the end of the forbearance period, a review of your hardship will be completed to determine if you are able to pay the payments that were suspended or if a long-term loss mitigation option is needed.

Under the CARES Act, customers with federally backed loans are entitled to up to a 180-day forbearance, then upon request, a second 180-day forbearance.  Under Planet’s procedures, we are initially offering these customers a 90-day forbearance.  Planet may expand customer forbearance timelines as needed or as requested by customers, or offer other loss mitigation options depending upon the customer’s ability to make payments and their overall financial situation.

As a loan servicer, many of our loans are backed by the federal government, including FHA, VA, USDA, Fannie Mae, and Freddie Mac loans (“federally backed loans”), and in accordance with provisions of the recently passed CARES Act, if customers with federally backed loans are experiencing a financial hardship related to the corona virus pandemic, we are permitted to allow these borrowers to enter into a Forbearance Plan. We are not requiring documentation of the hardship for these customers at this time.

During the COVID-19 forbearance period, payments are not required. We will not report your payments to the credit bureaus as late during the forbearance period if you were current at the time of the forbearance request.  If you were already delinquent at the time, your account will continue to be reported as delinquent as required by the CARES Act.  There will be no late charges assessed to your account if you are under a COVID-19 forbearance.

As we work with you on the next steps after the forbearance, the best solution will depend on your financial situation when your Forbearance Plan has concluded.  Prior to the expiration of the forbearance period, Planet will contact you to determine if your financial status has changed. At that time, Planet will also ask if you are able to make the payments that were suspended through the forbearance, or make any payments, if applicable, that were due prior to the forbearance. Planet will also inquire if you are able to continue with your monthly payment.  If it is determined that you are still financially impacted by COVID-19, we can extend your forbearance period.

If it is determined that you do not have the ability to pay the suspended payments or any payments due prior to the forbearance, Planet will contact you to discuss your financial situation, your ability to pay your existing mortgage payment going forward and then complete a review for either extending your forbearance or entering into a payment plan, a modification, Partial Claim, Deferment or other loss mitigation options that may be available under investor guidelines at that time for the outstanding suspended payments.

Yes. If you have the ability to make a payment, it may benefit you to do so, even though you were granted a forbearance.

In order to meet compliance requirements, Planet will continue to send you a monthly billing statement. You are not required to make any payments during the forbearance period. Delinquent credit reporting will not occur during the forbearance period as long as your account was current at the time of your request for a forbearance.

Planet will continue to make your tax and insurance payments during the Forbearance Period if you have an escrow account. However, the suspension of payments may result in a shortage in your escrow account. If you normally pay property taxes and insurance on your own, keep making those payments when they're due.

It is easy!  To request a Forbearance Plan or a Forbearance Plan Extension, please click here. The link will bring you to Planet’s website where you can make your request.  Once your request is processed, Planet will send a letter notifying you that you have been setup on a Forbearance Plan and when the plan is due to expire.

This is a very important notice. If you need translation assistance with the contents of this Covid-19 assistance web page, please call 866-882-8187, Option 2, then Option 3, and follow the additional instructions.

Contact your state housing finance agency to see if there are any funds available for you. Many state housing agencies have CARES Act money from the federal government that has been set aside to assist customers who were impacted by COVID-19 and are having difficulty making monthly mortgage payments. Try googling [your state name] and housing agency COVID-19 mortgage loan financial assistance.

• New York regulated residential mortgage lenders/servicers must (i) make applications for forbearance widely available; and (ii) grant payment forbearance for a period of 180 days, which may be extended for an additional 180 days.
• Forbearance is available to individual borrowers residing in New York who are not in foreclosure and can demonstrate a financial hardship related to the COVID-19 pandemic.
• The law in New York allows a NY borrower to select one of three repayment options for a COVID-19 related forbearance. The three options are as follows: (1) the mortgagor shall have the option to extend the term of the loan for the length of the period of forbearance. The regulated institution shall not charge additional interest or any late fees or penalties on the forborne payment; or (2) the NY borrower shall have the option to have the arrears accumulated during the forbearance period payable on a monthly basis for the remaining term of the loan without being subject to penalties or late fees incurred as a result of the forbearance; or (3) the NY borrower shall have the option to negotiate a loan modification or any other option that meets the changed circumstances of the qualified mortgagor; or (4) if the NY borrower and mortgage loan servicer cannot reasonably agree on a mutually acceptable loan modification, the lender/servicer shall offer to defer arrears accumulated during the forbearance period as a non-interest bearing balloon loan payable at the maturity of the loan, or at the time the loan is satisfied through a refinance or sale of the property. Any late fees accumulated because of the forbearance will be waived.
• Call 1- 866-882-8187 (option 1) to obtain assistance.

As a valued Planet Home Lending customer, we want to make sure you have as much information as possible regarding mortgage fraud during the COVID-19 pandemic.