Our thoughts and best wishes are with anyone affected by the COVID-19 National Emergency. We are attempting to respond to your inquiries as quickly as possible. Our call centers remain open during normal business hours, however, we are experiencing higher than normal call volume and longer wait times. If you are requesting COVID-19 assistance and would like to speak to a representative, please call 866-882-8187 and choose Option #1.
To make a payment or inquire about your loan, please use our automated telephone system by calling 866-882-8187, Monday to Friday 8:30 a.m. to 9:00 p.m. Eastern Time.
For other self-service options, please log on here.
To view the latest information and message from the Consumers Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), and Federal Housing Finance Agency (FHFA), please click here.
To be redirected to the CFPB's blog page for information and guides about mortgage protections such as forbearance, and how to take action to protect their homes and avoid foreclosure, click here.
Please contact your state and local county to inquire about any additional financial assistance available to you.
How do I cancel my monthly automatic payments?
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.
What assistance is available to me?
If you have a FHA, VA or USDA loan Currently in Forbearance:
Requesting a new Forbearance:
If you have a Fannie Mae or Freddie Mac (GSE) loan:
* All forbearance periods may be shortened or canceled at any time.
What is a forbearance plan?
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.
Do I qualify for a Forbearance Plan?
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.
How will a forbearance plan affect my credit?
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.
What happens at the end of my forbearance period?
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.
How will I be reviewed for a loss mitigation option?
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.
Can I still make payments if I am granted a forbearance?
Yes. If you have the ability to make a payment, it may benefit you to do so, even though you were granted a forbearance.
Why am I receiving a monthly billing statement during my forbearance period?
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.
How does the forbearance Plan affect my escrow account?
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 are due.
How do I submit my request for a Forbearance Plan?
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.
What if I am a homeowner requiring translation assistance?
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.
Are you a New York customer who does not have a federally backed loan and who is in need of COVID-19 loss mitigation assistance?
How can I help to protect myself against mortgage fraud?
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.
Planet will continue to devote all of our necessary resources to assist you during this very difficult time and maintain all the services you have come to count on from Planet. In addition, as new developments emerge, we will share information with you regarding how we continue to operate safely and effectively.
Please beware of scams offering payment assistance options. There are no fees charged to you to complete a Forbearance Plan. If you suspect fraud, please contact us immediately to confirm you are speaking with a representative of Planet.