The Federal Housing Administration (FHA) recently announced additional loss mitigation options for FHA-Insured homeowners affected by the COVID-19 emergency available through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SC Housing is committed to helping our homeowners during this national crisis and has moved quickly to make this relief available.
If you are experiencing financial difficulty as a result of COVID-19, you could qualify for a Short Term Forbearance, which is a plan that provides temporary relief by allowing you to pay reduced payments or suspend your payments for a brief time, depending on your individual situation. Towards the end of your forbearance period, we will reevaluate your situation to determine the best method to pay any missed or reduced payments.
If you can afford to make your mortgage payment, please do so. The initial period of any offered forbearance is 3 months. Once that timeframe expires, we will reevaluate your situation and determine the next step, which can be a continuance of your forbearance. By waiting until you have an actual need for mortgage assistance, you will get the most advantage out of the time limited nature of this plan.
The COVID-19 assistance being offered is only available to homeowners in the following circumstances:
If you have been impacted by COVID-19 and are having difficulty making your mortgage payment, you can apply for assistance as follows:
We prefer that you email or fax your application. We anticipate an increased call volume that may in turn delay the processing of your application.
SC Housing must receive the COVID-19 Mortgage Assistance Application to process your request for the COVID-19 Forbearance plan.
SC Housing must follow the guidelines set forth by the investor or the insurer/guarantor of your loan (FHA, USDA, VA, etc.). These guidelines do not allow SC Housing to defer payments or do loan modifications. They only allow forbearances and repayment plans as options.
Q: Will the monthly mortgage payments that are reduced or suspended under a COVID-19 Forbearance need to be repaid?
A: Yes. A homeowner with a mortgage who receives a COVID-19 National Emergency Forbearance is responsible for repaying the suspended mortgage payments or the balance of reduced mortgage payments. SC Housing can help you determine your options for eventually repaying any suspended mortgage payments or the balance due as a result of reduced mortgage payments. SC Housing will not charge you late fees and penalties while you are on a COVID-19 National Emergency Forbearance plan.
Q: I’m worried about making my mortgage payment in the future with all the economic uncertainty around the COVID-19 pandemic. How can I proactively address this issue?
A: Millions of U.S. homeowners are being impacted by the COVID-19 National Emergency. SC Housing has mortgage relief options, including the COVID-19 Forbearance, that homeowners can use to defer or reduce your monthly mortgage payment, if needed. SC Housing continues to encourage those who can make their mortgage payments during this time to do so.
Q: If I go back to work after starting a COVID-19 Forbearance plan and can make my regular mortgage payments again in less than three months, should I resume paying them?
A: Yes. Even if you received a COVID-19 Forbearance, you are not required to use the full time period. It is more beneficial for you to begin making your regular mortgage payments as soon as you can reasonably do so. If you are able to begin making your payments prior to the expiration of your forbearance, contact SC Housing and let them know you are ready to resume making your regular monthly mortgage payment.