I have questions about my loan. Who can I contact?
It depends. Platinum originates a number of different types of loans. The exact options available to assist in the event of financial hardship due to COVID-19 depend on the type of loan you are getting. We understand that the unexpected happens and want to offer as many options to our borrowers as possible. However, if you are currently experiencing financial hardship due to COVID-19, please contact us prior to closing to discuss your situation as, depending on the loan type, we cannot guarantee that forbearance options will be available.
How long will it take for my credit report to update?
It is not clear. State and federal governments have asked mortgage lenders to stop reporting delinquencies to the credit bureaus during the pandemic period. At this time, however, the governments have not addressed what reporting will take place after the pandemic period is over. Furthermore, even if a forbearance is not reflected in your credit score, it may otherwise impact your ability to obtain loans or other extensions of credit. Therefore, we are not able to definitely address how a forbearance will be reported on your credit.
Unfortunately, Platinum is not able to offer advice on how to best manage your credit. If you experience financial hardship due to COVID-19, we recommend that you consider your options carefully and consult with a financial adviser to determine if forbearance is the right option for your circumstances.
Is Platinume Home Mortgage offering any COVID-19 relief to borrowers?
No. A forbearance only delays the payments owed on your loan. The payments are not forgiven and will still need to be made in the future. How the payments will be made in the future will be determined according to the rules specific to your loan type and will be based on your financial condition at the end of the forbearance period. The repayment methods may include, among others, a lump sum repayment, a short-term repayment plan, or a deferment, depending on your loan type and financial circumstances.