COVID-19 MORTGAGE ASSISTANCE FAQ

If you are facing a financial hardship caused by COVID-19 and are concerned about making your mortgage payment, there are federal relief options available through the CARES Act. We want you to hear directly from Members Mortgage Services about the various programs available to help you make decisions that are best for your individual situation. We encourage you to reach out to the special accounts team at Members Mortgage Services to discuss ways we can work together to protect your home investment.

Below are some frequently asked questions to give you concise answers to some of the most pressing questions. Each situation is unique and it is important to reach out to our special accounts team at
mms-specialaccounts@mms.coop to determine the right option for you.

How does the COVID-19 mortgage assistance work?
We encourage you that if you are able to make your mortgage payment, you should. This will help avoid any negative impact to your mortgage. If you are unable to make your mortgage payment due to COVID-19, you can enroll in a forbearance program to temporarily pause your mortgage payments. We recommend starting with a 60-day forbearance, which will pause your payments during that time. While the CARES Act offers forbearance options up to a year, we suggest starting small and, if further assistance is needed after the initial forbearance, request an extension. This helps ensure your 30-year mortgage doesn’t become a 40-year mortgage due to paused payments.

When is the best time to apply for forbearance?
As soon as you believe you could have difficulty making a mortgage payment due to COVID-19, you should reach out to a special accounts team member at Members Mortgage Services. We can work through options with you and help create a plan that works best for your current situation. Communicating early and often is the best way to ensure your mortgage investment and credit scoring is protected.

What if I am already behind on my payments?
If you are already behind on your payments, it is even more important for you to connect with Members Mortgage Services as soon as possible to look at plans for your specific situation.

What exactly happens at the end of forbearance?
At the end of your forbearance plan you’ll need to pay the past-due amount to bring your loan current. That means making all the payments that were paused during forbearance, plus any payments that were past-due before forbearance began, if applicable.

While payments are paused, we do recommend you pay what you can to help decrease the amount due at the end of your plan. Once forbearance ends, we will work with you to create a payment plan to make up for your missed payments that could include a lump-sum payment, repayment plan or loan modification.

Keeping in contact with your special accounts team member as your life situation changes is the best way to ensure your mortgage is taken care of with the least negative impact.

Will my paused payments show up on my credit report?
If you have requested forbearance, the payments paused during that period will not be reported late to the credit bureaus. If you continue to communicate your situation with Members Mortgage Services and follow the plan we create together to repay the paused payments, the forbearance won’t negatively impact your credit.

Members Mortgage Services is here to help our borrowers. If you have questions or simply would like to discuss options for your mortgage, please contact us at mms-specialaccounts@mms.coop and we will email you to set up a time that is convenient for you to discuss.