Our Commitment to You | Who should apply for assistance? | How does the assistance plan work?
What happens when the plan ends? | How to Apply | What types of loans qualify?
What happens after I apply? | What do you report to the credit bureaus during forbearance?
What happens to my credit at the end of the forbearance period? | Beware of Scams | Contact Us
Our Commitment to You:
At SLS, the health and safety of our customers, employees and communities is first and foremost in our thoughts. We also understand that the economic disruption caused by COVID-19 may impact you financially.
One of your financial challenges may include your ability to make your mortgage payment. We are here to help. We want to make sure that you understand available assistance options, how to apply and how the assistance will impact you going forward. We are committed to making this plan available and easy to understand for all of our borrowers affected by the pandemic.
You are our #1 priority. Rest assured, we are on top of this very fluid situation and are committed to keeping you informed every step of the way. As this situation evolves, we will continually update this page, so check back often to make sure you stay up-to-date.
Read more about how we are keeping our team safe at SLS, part of the Computershare Group.
Who should apply for assistance?
If you can, it is best to continue to make your scheduled mortgage payments.
If you have been impacted by COVID-19 directly or indirectly because of illness, loss of income or employment and believe you will have difficulty making your payment, you may qualify for the assistance plan. Read on to learn about the plan.
How does the assistance plan work?
- For homeowners who qualify, our assistance plan, known as "forbearance" is designed for those affected by the pandemic.
If you qualify for forbearance, you can pause your mortgage payments for a period of time. If your hardship continues, you may request and be eligible for an extension, depending on the program afforded by the owner of your loan and where required by applicable law.
For loans owned by FNMA & FHLMC you may obtain an extension of your forbearance provided that the cumulative months of forbearance will not exceed the lesser of:
i. Eighteen (18) total months of delinquency or
ii. Fifteen (15) total months of forbearance.
We will not charge late fees during the forbearance period.
During the forbearance period, any payments that are paused during forbearance won't be reported late to the credit bureaus.
During the forbearance period, you are not required to make a payment but, if you are able, you can make a payment or even a partial payment.
Before the end of the forbearance period, we will work with you to evaluate your individual situation and help determine your best next step.
What happens when the plan ends?
To explain further, forbearance does not waive or forgive the payments. In other words, the payments that were not made during the forbearance period will have to be made. We realize that most people will not have the funds to immediately pay the paused payments.
If you are ready to resume payments, we have options to help you catch up on the payments not made during forbearance:
Repayment plan — Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance.
Deferral Plan/Partial Claim — The amount of the paused payments will be deferred to the end of the loan. The end of the loan may include pay-off through loan maturity, selling the property or refinancing. With this plan, all other terms of the mortgage remain the same. You will not be charged additional interest on the deferred balance.
Loan modification — We will work with you on a loan modification. This may include an extension at the end of your loan giving you additional months to pay the forbearance amount.
Lump Sum Payment — If you are able, the simplest thing to do is make a lump sum payment and pay off the whole amount you owe. We understand this is not a solution for most people so options 1, 2 or 3 may be more realistic.
Note: We strongly suggest you do not stop making your mortgage payments until you've been approved for a forbearance plan. If you foresee any difficulty in making your mortgage payment, the first step is to
How to Apply
The quickest way to apply for the assistance plan is to
anytime, anywhere to your SLS account. Once logged in, you will see an "Important Update" message regarding COVID-19. Click the link, select the type of impact you are experiencing, and follow the prompts to complete your request for assistance.
You can apply on our automated phone system at 1-800-315-4757. Simply follow the voice prompts regarding COVID-19 forbearance applications.
Our Customer Care team is available at 1-800-315-4757.Please note, due to an increased call volume, your may have an extended wait time. We are committed to meeting your needs and making this process as easy as possible, so to avoid long hold times, we recommend
logging into your SLS account or using our automated phone system
What types of loans qualify?
You may qualify for the pandemic forbearance plan if you have a federally-backed loan (Fannie Mae, Freddie Mac, FHA, VA, USDA) and COVID-19 has impacted your ability to make your mortgage payment. Your property must fall into one of the following:
- a single-family residence;
- a 1-4 family residence; or
- an individual unit of a condominium or cooperative.
How to find out if you have a federally-backed loan:
To find out if you have a Fannie Mae or
Freddie Mac loan, refer to the
Fannie Mae and
Freddie Mac “loan lookup” web pages.
The best way to find out if you have an FHA, VA, or USDA loan is to refer back to your origination closing documents.
If you do
not have a federally-backed loan, you may still qualify for forbearance or other relief option depending upon programs offered by your loan investor programs.
If your property is located in New York or Washington D.C. and is not a federally-backed mortgage,
learn more about your options.
What happens after I apply?
- Within 2 business days, if approved, you will receive an automated phone message with a "Confirmation for Approval". We do need your consent to contact you by phone.
- If approved, within the next 7-10 days you will receive a written confirmation of the forbearance by regular mail.
- If, for some reason, we have questions regarding the application and the application is not advancing through our process, we will contact you within 48 hours to discuss additional options.
We recommend that during the forbearance period that you stay in contact with us so we are aware of any change in your situation. The contact can be done through the message center on your online account.
What do you report to the credit bureaus during forbearance?
We will report your account status as "current" during the forbearance period, regardless of the status of the account prior to the forbearance.
During the forbearance review and until the account is approved for a forbearance program, we are required to report payments as they have been received. If you are able, we recommend continuing to make your monthly mortgage payments until your account is determined to be eligible for forbearance.
What happens to my credit at the end of the forbearance period?
Once the forbearance period ends, we are required to report to the credit agencies the account status.
If you enter into a trial plan or a permanent modification, we will report that information to the credit bureaus and the account will report as current.
It is critical for you to contact us prior to the end of the forbearance period. If at the end of the forbearance period, the account has unpaid payments and you have not entered into a trial payment plan or a modification, the account will report as delinquent.
Beware of Scams
There are an increasing number of scammers trying to take advantage of the COVID-19 pandemic. If anyone contacts you about falsely promising you mortgage relief or foreclosure assistance, the best defense is to say
NO. Please be aware of anyone contacting you through fraudulent emails, text messages or phone calls.
If you need mortgage relief, please contact us first.
Log into your SLS account
to send us a secure message. Don't have an online account?
now to access your loan details, make payments, and get the answers you need. You can also reach us at 1-800-315-4757.
Please note, due to an increased call volume, you may experience extremely long wait times. To avoid long wait times, we encourage you to log into your account or use our automated phone system.