COVID-19

Finance of America Mortgage LLC (“FAM”) understands that applicants and borrowers may be facing unique hardships during this difficult time. The purpose of these FAQs is to provide information to brokers regarding options that may be available to existing borrowers, and how borrowers can get more information from their mortgage servicer regarding their options.

Borrowers should continue to make their monthly mortgage payments if they can. If existing borrowers that already have a mortgage are suffering a hardship related to COVID-19 and are unable to make to make their payment(s), they should contact their servicer. IMPORTANT NOTE: If an applicant notifies you that they may not be able to make their scheduled monthly mortgage payments prior to their loan closing, immediately contact your Account Executive (“AE”). Similarly, notify your AE if an applicant indicates they are suffering a financial hardship during the loan process. Financial hardship includes loss or reduction of income, furlough, or any change in employment status.

Borrowers will be able to locate the name and contact information of their current servicer by reviewing the documents below:

  • If they recently closed, the Notice of Servicing Transfer they received either in their closing package or in the mail shortly after closing will identify their current servicer.
  • If their loan did not close recently, please have them review their monthly mortgage statement.

They should contact their servicer as soon as they know that they will not be able to make their scheduled mortgage payment. Due to increased call volume, some servicers are experiencing longer hold times and/or delays.

Borrowers should contact their servicer to see if they qualify for assistance. Many borrowers who are currently experiencing a financial hardship related to COVID-19 are eligible for some type of assistance.

Borrowers should contact their servicer to see if they qualify for assistance. Many borrowers who are currently experiencing a financial hardship related to COVID-19 are eligible for some type of assistance.

This determination is made by the servicer. One type of assistance that may be available is a mortgage forbearance.

A forbearance plan is an agreement that allows borrowers experiencing a temporary hardship to make a reduced mortgage payment or no mortgage payment at all during the plan’s term. However, the terms of the mortgage will remain unchanged.

Prior to the end of the forbearance plan, their servicer will contact them to discuss their situation and provide information on options that may be available. Options to bring their loan current may include, but are not limited to, a payment deferral, reinstatement, repayment plan, or loan modification. If a borrower doesn’t qualify for any of these listed options, there may be other options available that allow them to leave their home while avoiding foreclosure

Without having more information about their loan, it’s hard to identify the name and contact information of their current servicer.

  • If their documents show that their loan is still being serviced by us at FAM, please have them call our servicing group directly at 1-855-801-8392. Alternatively, they can reach us via email at LoanServicing@financeofamerica.com.
  • If their documents show that their loan is being serviced by LoanCare, they should call them directly at 1-800-274-6600.

Mortgage Payment Options During COVID-19