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Home Loan Payment Help

Struggling to make payments? We're here for you.

If you're struggling to make your mortgage payment as a result of the Coronavirus (COVID-19), please know that the team here at San Mateo Credit Union is here to help. Whether you've already fallen behind or you're afraid you will soon, we have special financial assistance programs, including:

• First mortgage payment forbearance for up to 6 months for qualified loans.
• Waiving of mortgage-related late fees and delinquency reporting for 90 days, or for duration of any forbearance.

Getting Started

SMCU services first mortgage loans owned by both SMCU and Fannie Mae. The application process and relief measures may differ based on who owns your mortgage loan. The first step to obtaining relief is to determine if SMCU or Fannie Mae owns your loan. You can find out if your loan is owned by Fannie Mae online. Please enter the address of the property that is financed if it is different than your residence. SMCU owns your loan if it isn’t owned by Fannie Mae.
 
If your first mortgage is owned by SMCU:
You are eligible for payment forbearance of up to 6 months. An email was recently sent to members. The email will link you to an online acceptance and confirmation of a First Mortgage Deferment Agreement for a 6-month forbearance.

During the forbearance period, there will be no late fees assessed nor derogatory credit reporting. When the forbearance period is over, all deferred interest will be added to your loan balance and your loan maturity date will be extended to collect the amount deferred during the forbearance, without increasing your monthly payment. Any payment made during the forbearance period will reduce the length of time your loan will need to be extended.

The process is quick, easy and secure. Simply follow the instructions contained in the email to get started. A new offer will be emailed on April 16 if you choose not to accept the current offer.

If you need help, please email us homehelp@smcu.org and one of our real estate team members will contact you. 
 
If your first mortgage is owned by Fannie Mae:
You can apply for assistance in two ways:
  • Online: Register and apply online for a forbearance. You will receive a follow up letter in the mail. The website may ask for documentation, but DO NOT submit it. Wait for the letter in the mail and follow the instructions. Please note: If you receive a 'denial' message, it is NOT the final decision. Continue to click through.
  • By Phone: Call (877) 210-8647, but please be patient as call volume is extremely high. Fannie Mae is currently offering a 3-month forbearance. This will likely change as they are able to work through the volume.
The website continues to be updated daily.
 
We’re here to help and have created the following frequently asked questions in an effort to provide as much information and clarity for our members as possible.

Does SMCU own all the first mortgage loans they service?
SMCU services first mortgage loans owned by both SMCU and Fannie Mae. The application process and relief measures may differ based on who owns your mortgage loan.

How do I know who owns my mortgage loan?
You can find out if your loan is owned by Fannie Mae online. Please enter the address of the property that is financed if it is different than your residence. 

What if Fannie Mae doesn’t own my loan?
SMCU owns your loan if your loan isn't owned by Fannie Mae.

What if Fannie Mae owns my loan?
You can apply for assistance in two ways:
  • Online: Register and apply online for a forbearance. You will receive a follow up letter in the mail. The website may ask for documentation, but DO NOT submit it. Wait for the letter in the mail and follow the instructions. Please note: If you receive a 'denial' message, it is NOT the final decision. Continue to click through.
  • By Phone: Call (877) 210-8647, but please be patient as call volume is extremely high. Fannie Mae is currently offering a 3-month forbearance. This will likely change as they are able to work through the volume.
How can I find my first mortgage loan account number?
Log into your online banking and find your first mortgage loan from the Accounts tab, the number sequence next to the loan on this page is NOT your account number of record. Click on your first mortgage loan and press “continue” on the pop up. Click the “eStatement” tab in the menu across the top of the page. Click on your most recent eStatement. It will open in a new window. In the top right-hand corner, you will see “Account Number.” This is the account number for your mortgage loan. See a step by step guide (PDF) on how to find your mortgage loan number.

Do I need to cancel may automated payment for my first mortgage to take advantage of the payment deferment offer?
The deferment is specific to your loan payment due date only. It will not automatically stop any automated payments. If you do not want to send a payment when no payment is due, you will need to login and cancel your automated payments.

How do I cancel the automatic payment for my mortgage?
If you set up auto-pay in our online mortgage portal, login to your online banking and go to your mortgage account to cancel. If you set up auto-pay over the phone, you will need to call (877) 210-8647 to cancel.
Please note: It can take up to 14 days to cancel recurring automatic payments.

How long of a deferment is SMCU offering?
At this time, SMCU is offering 6-month deferments for first mortgage payments.

If SMCU owns my loan, can I choose a shorter deferment than 6-months?
Not at this time. However, you can make payments during the forbearance period if you choose. Any amounts paid during this period will reduce the length of any term extension after the forbearance period. If you make payments during this time, you will be sent a revised deferment agreement near the end of August that reflects all payments made.

What if I have an impound account?
While we do not require any mortgage payments to be made during the forbearance period, the tax and insurance payments for the 6-month period will need to be paid on or before the end of your forbearance period. You may also continue to mail in the amount for the impound payments during the forbearance if you prefer.

What happens to the interest that has accrued during the forbearance?
At the end of the forbearance period, any interest that has accrued will be added to your loan balance. Your loan balance will then be re-amortized over a period long enough to repay the entire balance at the same payment you had at the start of your forbearance.

How long will my loan maturity be extended?
It depends. Every loan will be extended for at least the equivalent of 6 months – the length of the forbearance period. In addition to the 6 months, the number of months that the capitalized interest will take to pay off will vary based on the loan balance, interest rate and remaining term. You will be shown this information in the document prior to finalizing. Again, you can always make higher payments to pay off your loan faster at any time.

I missed the April 3 deadline. Is it too late for help?
It is not too late. If you missed the deadline, we will send another offer April 17 to those who did not accept the first offer. The reason for the short deadline for response is to ensure the modification document you execute for the deferral reflects the current balance. In the interim, be sure to cancel any automatic payments you have set up.
For financial hardships not related to COVID-19, our goal is to help you reach a financial solution that is in your best interest. Usually, that means taking steps to help you avoid foreclosure. We'll present options to you, which may include:

• Payment extensions
• Repayment plans
• Loan restructuring
• Short sale
 

For First Mortgage Hardship Assistance, please call (877) 210-8647

 

For Second Mortgages or Home Equity loans, please follow these two simple steps:


1. Preparing to talk to us

Gather your financial information so that we can get right to the heart of the matter. We’ve made it easy by providing streamlined application for you to fill out. You'll also need:

•Fully completed loan application
•Two most recent pay stubs with year to date earnings covering 30 days
•Documentation of your hardship
 

2. Starting a conversation

Call (650) 562-1224. You'll be connected to one of our Financial Assistance Specialists who can discuss your particular situation and provide practical solutions to avoid foreclosure.

If you prefer, you can mail in your application to:

Financial Assistance
San Mateo Credit Union
350 Convention Way
Redwood City, CA 94063

If you send in your application by mail one of our specialists will review your information and call you to set up a time to talk.

The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies that provide low- or no-cost assistance. Find the nearest one through this online search . You can also call toll-free at (800) 569-4287 weekdays between 9 a.m. and 5 p.m., Eastern Standard Time (6 a.m. to 2 p.m. Pacific Time). When you call HUD, you can receive an automated referral to the three housing counseling agencies closest to you.