COVID-19 IMPORTANT INFORMATION
Alterra Home Loans is committed to helping our customers during this COVID-19 pandemic. Although many of our employees are working remotely, we want to assure you that we are here to support you during this challenging time and ensure you find the perfect mortgage loan. Nothing is more important to us than keeping our customers, employees, and communities safe.
If you are concerned about your ability to make your mortgage payment because of a financial hardship related to COVID-19, contact your mortgage servicer. Mortgage servicers play an important role in assisting homeowners experiencing financial difficulties and can help you understand what relief options may be available to you. You can find contact information for your mortgage servicer on your monthly mortgage statement.
Forbearance may be available to you based on your mortgage loan type under a new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Forbearance allows you to pause or reduce payments for a limited period of time while you regain your financial footing. Forbearance is not the same as payment forgiveness. Forbearance does not change the terms of your loan. You are still required to repay any missed or reduced payments in the future. We encourage you to discuss your situation with your mortgage servicer to make the right decision for you.
For additional information on forbearance and the CARES Act, the Consumer Financial Protection Bureau (CFPB) has released this informative video and posted additional mortgage relief materials on their blog.
If you currently have a mortgage loan application in process and have questions about how COVID-19 may impact your experience, please contact your mortgage loan originator.