COVID-19 Update

If your hardship is due to the coronavirus, COVID-19 crisis, please see the instructions below:

How do I cancel my monthly automatic payments?

  • Send an email to CS@myloansupport.com. In the subject line just notate: CANCEL ACH
  • You may call 866-882-8187 and choose option 2 to speak with Customer Service to cancel your automatic payments.

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.

What assistance is available to me?

You may qualify for a 90-day forbearance plan, which means you will not have to pay your mortgage during this time frame. Please note this a temporary suspension of your payments. At the end of the 90-day period, your specific point of contact (SPOC) will contact you to review your mortgage loan for a long-term solution. If your loan is on our automatic payment plan, this service will be canceled until your loan is current.

What is a forbearance plan?

A forbearance plan is a suspension of payments that will become due in the next 90 days to allow the hardship to be resolved. It is not a forgiveness of the payments. 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 modification is required where the payments may be added to your loan balance.

For example:
Michael’s monthly mortgage payment is $800, and his next payment due is April 1. He is approved for the 90-day forbearance plan, which will include the April, May, and June payments. On July 1, at the end of the 90-day period, the total amount owed will be $3,200 — $2,400 for April through June and $800 for the July payment.

What do I need to do?

Please email us at AssistanceRequestCOVID19@planethomelending.com or give us a call at 866-882-8187 and let us know that you have been impacted by COVID-19. You may request a 90-day forbearance, temporarily suspending your monthly mortgage payment. If you send us an email, please be sure to include the following so we may properly locate your mortgage loan:
  • Full name
  • Loan number
  • Property address
  • Contact phone number

How will a forbearance plan impact my credit?

During the forbearance period, payments are not required. Negative credit reporting and late charges will not occur during the forbearance period.

When will I need to repay the payments due at the end of my forbearance period?

As the suspended payments will be due at the end of the forbearance period, we will contact you toward the end of the forbearance plan to discuss alternative options that may be available to you at that time

What happens at the end of my forbearance period?

We will contact you toward the end of the forbearance plan to discuss alternative options that may be available to you at that time.

Can I still make payments if I am granted a forbearance?

Yes. If you have the ability to make a payment, it is recommended that you do, 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. Negative credit reporting and late charges will not occur during the forbearance period.

We will continue to devote all necessary resources to help you and maintain all of the services you count on. And as new developments emerge, we will share information with you about 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.

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