An Update Regarding COVID-19


It’s been more than two months since the majority of the United States was shut down due to the COVID-19 pandemic. Thanks to social distancing and the use of protective masks, we are seeing what looks to be a return to normalcy or perhaps a “new normal.” Businesses are reopening, people are getting back to work and most importantly, there are signs of hope.

The mortgage industry was faced with a number of challenges over the past few months as millions of Homeowners suffered job losses as a result of the pandemic. The industry has largely adapted, not only by providing safety to mortgage customers and employees, but also by  providing options to borrowers who have been affected financially.

Through it all, Colonial is here for you. We have been monitoring the ongoing pandemic very closely and working with mortgage investors and governing bodies to provide our customers with solutions to the problems you may be facing. Below is a list of resources should you be looking for assistance during this troubling time.

 

Refinance Options

There are options available for customers to refinance their current mortgage loan even if they are currently in Forbearance. The Federal Housing Finance Agency (FHFA) recently announced that Fannie Mae and Freddie Mac will now allow borrowers who went into COVID-19 forbearance ( or other repayment or modification plan) to refinance their loan as long as they have made on time payments for three consecutive months after their forbearance, repayment, or modification plan period ends.

Further, if a customer is currently in forbearance and has stayed current on their mortgage, meaning they were able to make all payments in full and on time, they are eligible to refinance their mortgage. This means that qualifying borrowers can take advantage of low interest rates, potentially saving hundreds of dollars on their current mortgage payment

To find out if you are eligible, please contact our Home Loan Center by calling 800-937-0423, or fill out our Easy Lead Form.

We’re Here to Help

We realize there is uncertainty related to the spread of the Coronavirus and that some of you may face financial challenges. If COVID-19 has impacted your ability to make your mortgage payment, we’re here to help. Please call us at 800-937-6303 or 800-937-6002 or you can send a secure message through our website at www.servicehomeloan.com and one of our dedicated specialists will assist you.

We encourage you to monitor Colonial’s Social Media Accounts for updates (FacebookTwitterInstagram and LinkedIn). Please note that our Social Media team does not have access to your personal account information; therefore, you must contact Customer Relations for account details.

We hope you all stay safe and healthy as our country continues to push forward during these unprecedented times. Give us a call today for all your home loan or refinancing needs.

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