The Federal Housing Administration (FHA) recently announced additional loss mitigation options for FHA-Insured homeowners affected by the COVID-19 emergency available through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SC Housing is committed to helping our homeowners during this national crisis and has moved quickly to make this relief available.
If you are experiencing financial difficulty as a result of COVID-19, you could qualify for a Short Term Forbearance, which is a plan that provides temporary relief by allowing you to pay reduced payments or suspend your payments for a brief time, depending on your individual situation. Towards the end of your forbearance period, we will reevaluate your situation to determine the best method to pay any missed or reduced payments.
If you can afford to make your mortgage payment, please do so. The initial period of any offered forbearance is 3 months. Once that timeframe expires, we will reevaluate your situation and determine the next step, which can be a continuance of your forbearance. By waiting until you have an actual need for mortgage assistance, you will get the most advantage out of the time limited nature of this plan.
The COVID-19 assistance being offered is only available to homeowners in the following circumstances:
If you have been impacted by COVID-19 and are having difficulty making your mortgage payment, you can apply for assistance as follows:
We prefer that you email or fax your application. We anticipate an increased call volume that may in turn delay the processing of your application.
SC Housing must receive the COVID-19 Mortgage Assistance Application to process your request for the COVID-19 Forbearance plan.
SC Housing must follow the guidelines set forth by the investor or the insurer/guarantor of your loan (FHA, USDA, VA, etc.). These guidelines do not allow SC Housing to defer payments or do loan modifications. They only allow forbearances and repayment plans as options.