If you are experiencing financial hardship because you lost your job or have lost wages during this time, the first thing you need to do is contact your loan servicer. Your loan servicer is the institution that holds your mortgage and where you send your payments every month. Your loan servicer may be different than the mortgage lender you worked with when you got your mortgage. If you don’t know who your loan servicer is, contact your loan officer or look at your most recent mortgage statement.
You can also reach out directly to our servicing department:
Recently, The Federal Housing Finance Agency (FHFA), Housing and Urban Development (HUD), United States Department of Agriculture (USDA), Fannie Mae and Freddie Mac all have announced a freeze on foreclosures and evictions for at least 60 days as well as forbearance or disaster relief options for homeowners who can’t afford their mortgage payments. We are actively monitoring the current financial environment and will continue to update this page with new information as it becomes available.
Fannie Mae and Freddie Mac guarantee approximately two-thirds of mortgages and 95% of mortgage backed securities. If you financed your home with a conventional loan, you can find out if Fannie Mae or Freddie Mac holds your loan through the resources below:
During loan forbearance, your loan servicer may suspend mortgage payments and not initiate a foreclosure for a set period of time. Be aware that although you won’t be making payments temporarily and negative credit reporting and late charges will not occur during the duration of the forbearance period, you will have to pay back your amount owed.
Before you choose this option talk with your loan servicer and see what terms they can offer you. Terms will vary depending on your loan repayment history and other financial factors.
At this time, you may qualify for loan forbearance if:
This is a developing situation, and we will update these guidelines as information becomes available.
After your period of loan forbearance is over, you will need to set up a plan with your loan servicer to repay the missed payments.
Some options you may have include:
Note: Your options may vary depending on who owns your loan.
Yes, banks and lenders are still fully operational, although some employees have shifted to working remotely. If you’d like to refinance to secure a lower interest rate, take cash out, or make any other changes you can apply for refinance mortgage preapproval online, through our EPIQ Home App, or can also call a local loan officer.
Due to the recent news many people are attempting to apply for loan forbearance when it may not be the best option for them. If you are still employed and are concerned with the uncertainty of the market you should know your options. Assess which refinance programs you qualify for and see if there is one that is a good fit for you. Many refinance programs have the option for a 1- or 2-month break in payments and allow for limited cashback. In addition, you get the opportunity to benefit from historically low rates for the life of the loan. Choosing to refinance now if you qualify removes some of the uncertainty associated with the payback options that exist at the end of the forbearance period.*
Yes, banks and lenders are still fully operational, although some employees have shifted to working remotely. If you are in the process of shopping for a home or interested in making a purchase, you can apply for mortgage preapproval online or through our EPIQ Home App. You can also call a local loan officer.
Some steps in the mortgage application process have changed or will be changing to comply with local and state guidance. Some Realtors and real estate agents are currently offering virtual tours. EPIQ Lending is working diligently to automate as much of the mortgage transaction as we can to protect our clients and employees.
* Refinance limited cashback options may vary depending on the qualifying loan program, underwriting conditions, or applicants credit profile. 1- or 2-month break in payments will dependent on the timing of loan closing and is not guaranteed. Interest will still be accrued during the break.