COVID-19 FAQ

Requesting a new Forbearance:

The COVID-19 workout options have changed as of May 31,2023.  Deadlines to request an initial forbearance for FHA, USDA, and VA have expired as of May 31, 2023. Mortgages backed by Fannie Mae and Freddie Mac, currently do not have a deadline for requesting an initial forbearance.  To determine how this may affect you please see below. 

To make it easier below is information that will explain the upcoming changes and how we can help you after your Covid19 forbearance plan.   You can also visit the Consumer Financial Protection Bureau (CFPB) where you’ll find videos and other helpful information on topics about managing your finances during this challenging time.

Who owns your loan:
To understand the options available for getting help with your mortgage, it’s important to know who owns your loan. That’s because homeowners with loans owned or backed by Fannie Mae, Freddie Mac, FHA, VA and USDA (“federally backed loans”) are eligible for specific assistance options under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, while homeowners with loans owned by private institutions are eligible for other assistance options. If you would like help to determine who owns your loan, there are online tools you can use to look up who owns your mortgage. Fannie Mae and Freddie Mac both offer a mortgage lookup tool on their websites. You may also reach out to your SPOC from 8:30 AM-9:00 PM Eastern Standard Time at (855) 884-2250. 

FHA Mortgage

For FHA backed mortgages, initial forbearance requests were approved until May 31, 2023. For FHA backed mortgages, the maximum duration of the forbearance period is 12 months. If all 6 months of the initial forbearance are exhausted by or before May 31, 2023, an additional request of up to 180 days may be made. All forbearance periods must end by November 30, 2023.

VA Mortgage

For VA backed mortgages, the initial forbearance requests were approved until May 31, 2023. If you have already filed for an initial forbearance and are still financially impacted by the coronavirus, the initial 180-day forbearance period may be extended for up to another 180 days for a total of 360 days or the equivalent of twelve-monthly payments. All forbearances must end by December 31, 2023.

USDA Mortgage

For USDA backed mortgages, the initial forbearance requests were approved until May 31, 2023. After the initial forbearance, the borrower may request an extension of up to an additional 180 days.  All forbearances must end by April 30, 2024.

Fannie Mae & Freddie Mac Mortgage

All GSE Customers: Currently there is no deadline to enroll in a new forbearance plan for customers who have not had one previously. You may request an initial forbearance of 180 days. If you are still experiencing hardship, you may extend the forbearance period for up to another 180 days for a total of 360 days or the equivalent of twelve-monthly payments.

Options for loans not backed by the federal government.
For loans that are not federally backed, meaning they may be owned by another financial institution, or private investor.  There may be other options available should you be experiencing a financial hardship due to a COVID-19 hardship.  Please contact our customer service department for further information. 

All forbearance periods may be shortened or canceled at any time.

If you would like to request an initial forbearance or extend your existing forbearance, please complete this form. 

If your financial hardship has ended
Once your financial hardship has ended, we will collaborate with you to determine the available options based on your financial situation, state of residence, and the type of loan you have. Your options may include:

1. Loan Reinstatement: If you can afford it, you pay all delinquent amounts at once, including the payments that became due during the forbearance.
2. Repayment Plan: A repayment plan allows you to repay all delinquent amounts gradually over a period in addition to your regular monthly payments. Portions of your repayment amount are added to your monthly mortgage payment amount.
3. Deferral: A deferral allows you to avoid having to pay your suspended mortgage payments all at once, typically by adding a non-interest-bearing balance at the end of your mortgage, repayable either at loan payoff (for example if you sell your home) or at maturity.
4. Loan Modification: Permanently change the terms of your mortgage to bring it current.
5. FHA Partial Claim or Loan Modification: If you occupy your property, you may be eligible to defer suspended payments. The COVID-19 Recovery Standalone Partial Claim option states that you may defer suspended payments until your loan is paid in full. The FHA has several options available to you, including:

COVID-19 Advance Loan Modification

COVID-19 Recovery Standalone Partial Claim

COVID-19 Recovery Modification

COVID-19 Recovery Non-Occupant Loan Modification

COVID-19 Pre-Foreclosure Sale (PFS)

COVID-19 Deed-in-Lieu (DIL) of Foreclosure

If you have a Section 184 Indian Home Loan Guaranteed loan or a Section 184A Native Hawaiian Home Loan Guaranteed loan, you may be eligible for the options below to assist you in resolving the suspended payments:

COVID-19 Native Advance Loan Modification

COVID-19 Recovery Loss Mitigation Advance

COVID-19 Recovery Native Loan Modification

Options may depend on your financial situation and any past assistance received. If you occupy your property, you may also be eligible for a loan modification or both a partial claim and modification together. For more information, please visit the U.S. Department of Housing and Urban Development website.

1. VA loans: You may be eligible for a VA Refund Modification to assist you in resolving the suspended payments.
2. USDA loans: You may be eligible for a loan modification plan that would allow you to modify the terms of your mortgage to account for the suspended payments.

*Available options may vary depending on the type of loan you have and/or guidelines of your financial institution. Additional eligibility requirements and documentation may be required. The CFPB website offers additional information.

If you would like to cancel your forbearance, your financial hardship has been resolved or your allowable forbearance periods have been exhausted, please Complete this form.

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.

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. 

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.

* FHA introduced enhanced Loss Mitigation tools and simplified COVID-19 Recovery Modifications to help homeowners with FHA-insured mortgages who have been financially impacted by the COVID-19 pandemic.  Available options will offer borrowers appropriate relief while preserving flexibility for future crises (See list of available options).*

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

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 to speak with Customer Service to reestablish your automatic payments.

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 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 are 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 placed 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.

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.