An Important Notice about COVID-19 (the "Coronavirus") from Premier Mortgage Resources
At PMR, there is nothing more important to us than people. Our employees, our customers and our communities come first.
We are continuing to closely monitor markets and events and we know that many have seen economic impact and reduction of income due to the global pandemic of COVID-19 (the coronavirus).
Our primary concern is the health and safety of you and your family. In the event the Coronavirus affects your home or your place of business, we want you to be aware of available payment assistance options so you can maintain your monthly financial obligations with peace of mind. Below is a list of tips for our customers in order to seek mortgage relief if they are financially impacted by COVID-19.
Understanding your current payment assistance options is important. We encourage you to contact your servicer for details.
Many mortgage servicers are offering payment or loss mitigation assistance. You may qualify for a forbearance plan if you have been impacted through illness, or a loss of income or employment.
If you qualify for a forbearance plan, you may be able to suspend your monthly mortgage obligation for a period of time (generally 3 – 6 months). Any unpaid payments will become due at the end of the forbearance period, but there are options to create payment plans for missed payments as well.
During this time, late charges and fees are generally waived. Negative credit reporting on your loan will also be suspended.
Prior to the end of the forbearance period, you should contact your mortgage servicer again to discuss a permanent payment option and solution.
We will continue to monitor the situation closely and update this page with new information as it becomes available.
In addition to the relief outlined above, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency.
And earlier this month, FHFA announced that the Enterprises would provide payment forbearance to borrowers impacted by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months due to hardship caused by the coronavirus.
At PMR, we will continue to monitor the situation closely and update this page with new information as it becomes available.