Consumer COVID-19 Assistance

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Consumer Assistance Information

We understand that COVID-19 is placing a tremendous financial burden on so many individuals, as we are beginning to see unprecedented numbers of unemployed and furloughed workers. Envoy is here to help manage your hardship as it relates to your mortgage loan. Understanding your available options for assistance is an important step in managing hardships. If you have been impacted through illness, loss of income or employment, you may qualify for a forbearance plan.

If you qualify for a forbearance plan, you may be able to stop making your monthly mortgage payment for a specified period. During this “forbearance period”, you are not required to make your monthly mortgage payments. However, if you can make even partial payments, it will reduce the amount outstanding at the end of the forbearance period. Any unpaid payments will become due at the end of the forbearance period.

During the forbearance period, you will not be assessed any late charges and your loan will be reported as current to the credit bureau. This means you will not be marked “late” for any suspended payments. Prior to the end of the forbearance period, you will need to contact us again to discuss a permanent payment option and solution.

What do you need to do to qualify?

To qualify for the forbearance plan, your loan needs to have been current or less than 31 days delinquent as of the date the disaster occurred (March 1, 2020). Then all you need to do is provide us with an explanation of your hardship: are you unemployed, furloughed or quarantined because of sickness and unable to work? Simply provide us with an explanation of what has happened, and we will initiate a 90-day forbearance plan which includes the waiver of late charges and suspension of credit reporting during this time period. If we need further clarification of the circumstance surrounding your hardship, we will reach out to you to request additional information. Otherwise, we will initiate the 90-day forbearance with the information you provide.

If you receive notification that your loan is transferring to another company during this 90 day period you will need to reach out to the new servicer to let them know the circumstances of your hardship so that you can take advantage of their assistance options as well.

What happens at the end of the forbearance period?

If your hardship is still ongoing simply let us, or your new servicer, know that you are still undergoing the hardship and we can extend the forbearance plan.

If your hardship is ended and you are ready to start making payments again, we can initiate the process to review your loan for permanent loan assistance options, like:

• Loan Modification: Permanently change the terms of your mortgage to bring it current.
• Repayment Plan: Breaks up the amount owed that accumulated during the forbearance period. The balance is added to future payment until the full amount is repaid.
• In order to avoid any negative credit impact, your account must be brought current following your forbearance plan using one of the previously mentioned options.

Please call Envoy Mortgage Servicing at 1-877-754-0545 or email servicing@envoymortgage.com if you are experiencing a hardship and would like to request a forbearance plan.