04/10/2020
As a MegaStar customer, you are important to us and we are here to help in this time of uncertainty. Below we have provided some background information and resources for you if you have been effected by COVID-19.
Background Information: MegaStar Financial, like all banks and lenders that provide Government Sponsored Entities (GSE) loans (namely Fannie Mae, Freddie Mac and Ginnie Mae loans), are required to follow GSE guidelines. In response to COVID-19, the CARES Act and the GSE’s directed all servicers of GSE and portfolio loans, like MegaStar, to ease the requirements to be eligible for a forbearance for borrowers whose income was specifically affected by COVID-19. Now, anyone who has been specifically impacted by COVID-19 and is unable to make their full monthly mortgage payment is eligible for a forbearance if they contact their servicer.
MegaStar has always offered, and will continue to offer, solutions for borrowers who are unable to make their full monthly mortgage payment; for example, forbearance plans, modifications, or work-out solutions. But MegaStar will continue to follow the required Federal and GSE guidelines in effect before COVID-19 and the temporary COVID-19 guidelines as applicable. Again – we do not make the rules or guidelines, we just follow them.
First of all, what is Forbearance? Forbearance does not mean debt or payment forgiveness. Forbearance simply pauses your payments during the forbearance term and all payments deferred will be due, in full, at the end of the forbearance term. Click here for more information: What is Forbearance?
Unable to make your full mortgage payments due to COVID-19? Find out what assistance options are available for you.
1) CONTACT YOUR SERVICER TO DISCUSS AND REQUEST A FORBEARANCE.
a. If MegaStar services your loan, follow this link: www.megastarfinanical.com.
b. Don’t know who your servicer is?
i. Look at your mortgage statement and find the contact information. The servicer is who you make your monthly mortgage payment to each month.
2) Want more information on assistance options based on your loan type?
a. Know it? Great! Follow the links below in #3.
b. Don’t know it?
i. Look at your credit report. Listed under your loan will be [INVESTOR NAME] account.
ii. Look it up:
1. Fannie Mae Loan?
2. Freddie Mac Loan?
3. CFPB Resources
3) Click on the link below for more information on available assistance programs based on your loan type:
• Fannie Mae
• Freddie Mac
• Ginnie Mae
• HUD
• FHA-insured
• Private/Portfolio Loans
• Not here? Search the website where you make your online mortgage payments.
What’s Next?
If you can’t make your full forbearance payments at the end of your term, talk to your servicer about a loan modification, deferral, or other workout options.
See what options Fannie Mae and Freddie Mac are offering
If you have a non-GSE loan, you can read here about what some banks are doing. Banks are providing mortgage forbearance and deferment plans, but their programs may differ from the GSEs. Want to find out if your bank is offering forbearance or modifications, find out here: Bank Forbearance Options
REMINDER! and Helpful Hints
Scammers are on the rise with coronavirus click-bait. Stay up-to-date about the latest scams out there by going here:
https://www.consumerfinance.gov/about-us/blog/beware-coronavirus-related-scams/
and here
https://www.consumer.ftc.gov/
Worried about how coronavirus may affect your credit, find out how to protect your credit score here: https://www.marketwatch.com/story/how-to-protect-your-credit-score-during-the-coronavirus-pandemic-2020-03-27
