Covid-19 Information and Resources

Mortgage Assistance for Elevations Members

We know that many of our members with mortgages are feeling the impact of the coronavirus pandemic, and we are here to help you. This information is for first mortgages; for information on deferring payments for Elevations Home Equity Loans (second mortgages) or Home Equity Lines of Credit, please visit our Loan Assistance Page.

Get Started: Contact Us

If you can pay your mortgage, please do so. Mortgage forbearance does not forgive any portion of what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, please keep making them.

If you can’t pay your mortgage, our mortgage servicing team has assistance and relief options, including forbearance. Please contact our mortgage servicing team using one of the three options below to get the process started:

Website

Visit Loan Solution Center to get started by finding your loan. Watch our step-by-step video to see how.

Email

Send an email to lossmitproxy@yourmortgageonline.com.

Phone

Call (877) 849-9267— please be aware that we have an extremely high call volume right now, and we appreciate your patience.

Mortgage Forbearance Basics

This video from the Consumer Financial Protection Bureau (CFPB) has key information on mortgage assistance available, questions to ask of your mortgage servicer and more. This information is also available as a blog on CFPB’s website.*

How to Apply for Forbearance Online

This how-to video goes through the steps of using the Loan Solution Center website to request assistance from our mortgage servicing team.

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Mortgage Forbearance Basics

This video from the Consumer Financial Protection Bureau (CFPB) has key information on mortgage assistance available, questions to ask of your mortgage servicer and more. This information is also available as a blog on CFPB’s website.*

How to Apply for Forbearance Online

This how-to video goes through the steps of using the Loan Solution Center website to request assistance from our mortgage servicing team.

Commonly Asked Questions About Requesting Relief

In the Loan Solution Center, the “Streamline Check” screen will automatically check your loan to see if you’re eligible for the streamline documentation option — it is not checking to see if your loan is eligible for forbearance or modification. Many requests related to COVID-19 will receive this message: “Your account has been found ineligible for the Streamline Documentation option.”

If this message appears, our mortgage servicing team will receive your request for forbearance, and this message does not mean the forbearance has been declined. We know this may be confusing, but please be aware that “Streamline Check” is not required for assistance. If you receive this message, please click the “Save and Continue” button to move forward with your application through the “Summary and Finish” screen.

You will need to create a new username and password for the Loan Solution Center — this is separate from your Elevations Digital Banking username and password, and your Elevations Digital Banking username and password are not your login information for the Loan Solution Center.

No documents are required for the approval process.

There is no fee for forbearance.

We’re sorry for the trouble you’re having reaching us due to our extremely high call volume right now. Please try calling us again or use another option above (email or website) to get in touch with us.

You will need your Social Security Number, loan number (you can find this on your mortgage statement) and zip code.

Some of our members have reported getting an error message after clicking “Find My Loan” — we have reported this error and encourage you to try looking up your loan again, or use another option above (email or phone) to get in touch with us.

When approved for forbearance, you will receive a confirmation letter and forbearance agreement. Your agreement will be mailed to you through the U.S. Postal Service. Please be aware that there is a high volume of requests right now, and it may take up to 14 business days to receive your agreement.

The forbearance agreement will have details on your forbearance plan, including the month your forbearance starts and ends, and what happens when the forbearance plan ends.

You will also receive an auto-generated appraisal notice that is required as part of the forbearance process. Please note: The appraisal notice says, “This document is an attempt to collect a debt, and any information obtained will be used for that purpose.” We understand this language is concerning for some members — it is required to be included on the appraisal notice. Here is what the appraisal notice will look like:

Appraisal Letter

Yes. Please sign the forbearance agreement and mail it back to our servicing team. Your forbearance will have already started at this point.

You may have your mortgage payments set up to be paid automatically each month through Automatic Payment Drafting (ACH) or electronic transfer. If this is the case, you will need to request that the account funding these payments is temporarily removed or completely deleted from the mortgage servicing side. Please note that 10-15 business days are required to process a change in your automatic payments. To request this, please send a written request by email to draftproxy@yourmortgageonline.com or by mail to:

Elevations Credit Union
1 Corporate Dr Ste 360
Lake Zurich, IL 60047

After the forbearance period ends, you will be able to set up your recurring payments again.

Commonly Asked Questions About Forbearance

A forbearance plan of three months may be an option for you, and if that’s the case, no mortgage payments will be collected during the forbearance period. After the first 90-day forbearance period, you are able to request an additional 90-day forbearance period.

For many homeowners with mortgages, there’s help, but first assess your situation.

If you can pay your mortgage, please do so. Mortgage forbearance does not forgive any portion of what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, please keep making them. 

If you can’t pay your mortgage, or can only pay a portion, contact our mortgage loan servicing team as soon as you can.

The Consumer Financial Protection Bureau has a comprehensive guide available online to help you better understand coronavirus mortgage relief options.

Your forbearance period would start immediately and include delinquent payments. For example, if you are due for your March 1 payment and you start forbearance on April 1, you would skip your March, April and May payments.

The standard forbearance agreement is a zero-payment agreement. No payments will be due from you for escrow, Private Mortgage Insurance (PMI), or other taxes and insurance. These types of payments will be handled by our mortgage servicing team when they come due (they are not suspended), but you will not be required to make these payments during the forbearance period. These suspended payments (including escrow, PMI, or other taxes and insurance) will be required to be collected after the forbearance period. How these payments are collected will be determined by your servicer and your forbearance arrangement.

You are not required to repay missed payments all at once at the end of the forbearance period, but you have that option. You can also set up a repayment plan to catch up gradually or a loan modification to help keep payments affordable. Here’s a more detailed look at your options at the end of the initial forbearance period:

  • Request an extension of the forbearance period (up to a maximum of one year of payments)
  • Payment deferral — A payment deferral would bring your mortgage current and delay repayments of the payments you deferred during the forbearance period. You would be responsible for paying the past-due amounts (principal and interest) of the forbearance period at the maturity date of your mortgage or earlier if you sell, refinance or pay off your property.
  • Loan modification or repayment plans — You may have the option to change your loan terms through one or more of these methods: Extending your loan term, reducing your rate, and/or recalculating your mortgage payments by adding the amount of the deferred payments back into the loan principal (called “capitalization”).
  • Bring the loan current — You may pay a lump sum amount equal to the deferred payments of the forbearance period. Your loan would continue with no changes and have the same loan payments, maturity date and interest rates as you had before the forbearance period.

You will be responsible for the deferred payments (including escrow, PMI, or other taxes and insurance) at the end of the forbearance. Please talk to our mortgage servicing team about your situation and your options.

During the forbearance period, you will not incur late charges.

The Consumer Financial Protection Bureau (CFPB) has the most up-to-date information on how credit reporting works under the CARES Act. In summary, how your creditors report your account to credit reporting companies under the CARES Act depends on whether you are current or already delinquent when a forbearance agreement is made. Requesting a mortgage forbearance because you have been impacted by COVID-19 should not affect your credit score if you are current on your loan payments at the time you request the mortgage relief.

According to the Consumer Financial Protection Bureau (CFPB), “If your income is restored before the end of your forbearance, reach out to your servicer and resume making payments as soon as you can so your future obligation is limited.”

During the forbearance period, you will not get collection calls from Elevations or our servicing team.

No. During the forbearance period, foreclosure actions will be temporarily suspended.

Additional Information for Members

To help you stay informed during this time, we’ve put important resources and our latest updates in one place. Learn more.

We’re here to help.

When you’re talking mortgage loans — also known as “a big deal” — you want to talk to a real, live human being.
A local one is even better.

*This link is to a 3rd party and not an affiliate of Elevations CU. Elevations is not responsible for the content or interpretation of the information presented.

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