We at Volunteer Mortgage Loan Servicing (VMLS) have been closely monitoring the recent health advisories regarding the Coronavirus (Covid-19). As it has always been, the safety and security of our customers and team members remains our highest priority. Our hearts and thoughts go out to the people who have been affected by this unprecedented event, as well as those in Tennessee affected or helping with the recent storm damage.

Delay in Property Tax Billing.

We have been notified by several local tax authorities that the property tax billing is delayed this year due to Covid-19. Please be assured that your taxes will be paid timely without penalty as soon as the local tax authorities release the bulk billing statements to mortgage servicers. If your city or county offers an early payment discount, we will meet all early billing timeframes as the tax authorities are granting extensions. If you have questions or concerns, please contact your local tax authority directly.

At this time, our Nashville office is closed to the public.

To contact us, please utilize our electronic communication methods:
Email: custserv@volservicing.com or www.volservicing.com/contact.

Or call 844-865-7378. Our call center returned to full capacity on June 22, 2020.

We urge you to set up a free online account if you have not already. There is never a charge to make your payment online.

We encourage our customers paying through bank bill pay to switch to AutoPay or set up your monthly payments online.

Recommended Payment Methods during this time:

  • Automatic Payment (ACH), Monthly AutoPay: No fee. https://volservicing.com/automatic-payment-ach-instructions/
  • Online payment at volservicing.com: No fee – recently updated to allow delinquent and partial payments
  • MoneyGram: Receive Code 15907: $3.95 fee
  • IVR phone (Interactive Voice Response) payment: $3.95 fee
  • Agent Assisted Pay by Phone: $5.95 fee
  • Check by mail: PO Box 305170, Nashville, TN 37230-5170: No fee

We understand these times are challenging. We are focused on how the coronavirus is impacting our VMLS customers and team members. Thank you for your understanding and your support to protect the most vulnerable Tennesseans.

Options for homeowners facing a Covid-19 Hardship:

COVID-19 Information – Updated August 28, 2020

We are here to help.

If you have been affected by the Coronavirus and need help maintaining your payments, please contact us. A one page Application and Agreement can be found here.

All VMLS loans are eligible to participate in the CARES Act Mortgage Relief Program. To participate in the CARES Act Forbearance, please request a Covid-19 Forbearance Package by emailing custserv@volservicing.com. Or by filling out the Application and Agreement linked above and returning it to VMLS by email, fax, or mail. Signature on the Agreement is your certification of financial hardship caused by Covid-19. The information provided in the one page Application will assist us to proceed quickly with reviewing you for eligible programs following the forbearance period to cure the default.

We have Housing Counselors available to answer Loss Mitigation questions or assist with filling out the Loss Mitigation Package. Email: HUDcounseling@thda.org

What is a Forbearance?

A forbearance is an Agreement that allows you to pause or reduce your mortgage payments for a limited period of time. Forbearance does not erase what you owe; you will have to repay any missed or reduced payments in the future. You will not have to repay it all at once, unless you are able to do so.

You can and should make payments as you are able during your forbearance period. Full or partial payments made during the forbearance plan will not void the Agreement nor make you ineligible for an extension. We understand that using your stimulus funds to pay your bills does not return your regular monthly income. Partial payments can be made by check mailed to our PO Box or through MoneyGram. When our Call Center reopens, we will be able to accept partial payments by phone, agent assisted pay by phone fees will apply.

In accordance with the CARES Act, an ongoing Covid-19 hardship can extend the forbearance for a total of up to 12 months. VMLS is offering 3 month forbearance periods at a time. We are optimistic about the economic future. Anytime during your 3 month forbearance periods, you can and should notify VMLS if your income returns and you can resume regular monthly payments. At the end of each 3 month forbearance period, you can attest to a continued Covid-19 hardship if a 3 month extension is needed.

During the forbearance period, VMLS will not assess late fees, order inspections, or report negative credit reporting. We will continue monthly contact attempts by phone or email to check in.

What happens after a Forbearance?

When your Covid-19 hardship concludes and you can make regular monthly payments, notify VMLS you are ready to move forward with curing the default.

The options to cure the default will depend on the type of mortgage you have – FHA, VA, USDA RHS, Conventional, and Freddie Mac Conventional. The loan type options will further depend on the status of your loan at the time of your Covid-19 hardship. If you were delinquent on your mortgage payments prior to your Covid-19 hardship, we need to review your financials in more detail to ensure we are putting you on the best possible plan to make your home affordable.

As additional options or eligibility requirements are published by investors and insurers, we will update this page.

Additional eligibility requirements, terms, and conditions may apply beyond the summaries provided below. Your individual situation will be reviewed with a loan counselor at the end of your forbearance. We will help you find the best available solution for your loan.

FHA LOANS:

If you have a FHA loan that was current on March 1, 2020 or less than 30 days delinquent, is owner-occupied, and you can resume making your regular monthly mortgage payments, you can receive a FHA Covid-19 National Emergency Standalone Partial Claim. The FHA Covid-19 National Emergency Standalone Partial Claim amount includes only arrears which consists of Principal, Interest, Taxes, and Insurance. A Partial Claim is a Jr Lien with no payments and no interest. You will not need to provide full financials and you will not need to enter into a Trial Payment Plan, just attest that you can make regular payments and make them. You will need to sign a Note held by HUD and a Deed of Trust which will also need to notarized and VMLS will record with your County’s Register of Deeds. When the Note and Deed are returned, we will receive your delinquent payments from HUD to bring your loan current. HUD will require repayment of the Partial Claim amount in full when you pay the Sr Lien mortgage in full through refinance, sale of property, or maturity.

FHA has limits on the amount of total Partial Claim funds available. The calculation is based on your Principal Balance at the time of the start of the default. The maximum cumulative value of all Partial Claims paid with respect to a Mortgage must not exceed 30% of your unpaid principal balance. The value is established at the time of payment of the initial (first) Partial Claim. This means that if you have had a previous Partial Claim, you will have less funds available to cure this default. Also, using the Partial Claim funds to cure this default will set your available amount and only the remaining balance will be available if you need future loss mitigation assistance for future hardships. This might seem complicated; we will do all of the math for you and explain your personal details to you at the end of your forbearance so you fully understand this option.

If you have a FHA loan that was not current in March 2020, you will need to submit a full loss mitigation package to be reviewed for the standard FHA loss mitigation options. The options include repayment plan, loan modification, or a standard FHA Partial Claim. A Loss Mitigation Package can be found on our website: https://volservicing.com/helping-homeowners-succeed/.

Updated July 9, 2020: FHA has released additional options for borrowers current as of March 1, 2020 but unable to utilize the Covid19 Standalone Partial Claim due to having a previous Loss Mitigation Partial Claim and the remaining balance of Partial Claim funds will not bring the loan current; or you are unable to resume your regular monthly payment due to permanent income reduction.

The New FHA Covid19 Waterfall of default curative options include the following, to be reviewed in this stated order:

  • Covid-19 Standalone Partial Claim
  • Covid-19 Owner Occupied Loan Modification
  • Covid-19 Combination Partial Claim and Loan Modification
  • Covid-19 FHA-HAMP Combination Loan Modification and Partial Claim with Reduced Documentation

A new option has been released for borrowers not occupying the residence:

  • Covid-19 Non-Occupant Loan Modification

For borrowers unable to remain in their home, two Covid-19 Home Disposition Options have been made available:

  • Covid-19 Pre-Foreclosure Sale
  • Covid-19 Deed in Lieu of Foreclosure

Borrowers past due on their mortgage as of March 1, 2020 will need to complete the Loss Mitigation Package to be reviewed for all FHA’s Standard Loss Mitigation Options. A Loss Mitigation Package can be found on our website: https://volservicing.com/helping-homeowners-succeed/.

USDA RURAL HOUSING LOANS:

At the time of this publication, USDA RHS has not published specific eligibility requirements for options following a CARES Act forbearance.

If you have an USDA RHS loan that was current prior to your Covid-19 hardship and you can resume regular payments, USDA RHS advises the lender to offer a written repayment plan to resolve any amount due or at the borrower’s request, extend the loan term for a period that is at least the length of the forbearance. If you chose to extend the loan term, you will be required to sign a Modification Agreement and a Modified Deed of Trust which will also need to notarized and VMLS will record with your County’s Register of Deeds. The new term cannot exceed 360 months. Extending the loan term does not capitalize your required escrow payments. If you are unable to bring your escrow current through a payment plan, you will need to be reviewed for a loan modification.

If you have an USDA RHS loan that was not current prior to your Covid-19 hardship, you will need to submit a full loss mitigation package to be reviewed for the standard USDA RHS loss mitigation options. The options include repayment plan, loan modification, or a Mortgage Recovery Advance (MRA). A MRA is a Jr Lien with no payments and no interest. You will need to provide full financials and participate in a Trial Payment Plan. You will need to sign a Note held by USDA RHS and a Deed of Trust which will also need to notarized and VMLS will record with your County’s Register of Deeds. USDA RHS will require repayment of the MRA amount in full when you pay the Sr Lien mortgage in full through refinance, sale of property, or maturity.

A Loss Mitigation Package can be found on our website: https://volservicing.com/helping-homeowners-succeed/.

VA LOANS:

At the time of this publication, VA has not published specific programs for Covid-19. The VA has authorized the use of a VA Disaster Modification.

If you have a VA loan that was current prior to your Covid-19 hardship, is at least 60 days delinquent after forbearance, at least 12 monthly payments have been paid on the loan in total, and the loan has not been modified within 3 years or more than 3 times during the life of the loan, the VA is offering the use of the Disaster Modification. You do not need to submit a loss mitigation package but you will need to participate in a 3 month Trial Payment Plan for the amount of your modified payment capitalizing the arrears. You may qualify for an interest rate reduction with this plan depending on the published rate at that time, we will not increase your interest rate. After successfully completing the 3 month Trial Payment Plan, you will need to sign a Modification Agreement and a Modified Deed of Trust which will also need to notarized and VMLS will record with your County’s Register of Deeds. The new term cannot exceed 360 months.

If you have a VA loan that was not current prior to your Covid-19 hardship, you will need to submit a full loss mitigation package to be reviewed for the standard VA loss mitigation options. The options include repayment plan or loan modification.

A Loss Mitigation Package can be found on our website: https://volservicing.com/helping-homeowners-succeed/.

CONVENTIONAL LOANS Freddie Mac or Private Mortgage Insurance:

If you have a conventional loan with Private Mortgage Insurance, you are eligible to participate in the Freddie Mac Covid-19 Options.

If you have a Conventional PMI loan and you were current in March 2020, you have a couple options based on your delinquency. If you missed 1-2 payments and able to resume payments on the 3rd month of your forbearance, you may be eligible for a payment deferment. Only a maximum of 2 payments may be deferred and this is a once in a loan lifetime option for the borrower. Once you use it, you cannot use this option again for a different hardship.

If you have a Conventional PMI loan and you were current in March 2020, but do not qualify or want to use the 2 payment deferment option, owner occupied, and you are not more than 12 payments delinquent, you will be reviewed for an Extend Modification. The Extend Modification extends the loan term for a period that is at least the length of the forbearance, not to exceed 12 months. If you chose to extend the loan term, you will participate in a 3 month Trial Payment Plan, be required to sign a Modification Agreement and a Modified Deed of Trust which will also need to notarized and VMLS will record with your County’s Register of Deeds. The new term cannot exceed 360 months. Extending the loan term does not capitalize your required escrow payments. If you are unable to bring your escrow current through a payment plan, you will need to be reviewed for a capitalized loan modification.

If you have a Conventional PMI loan that was not current prior to your Covid-19 hardship, you will need to submit a full loss mitigation package to be reviewed for the standard loss mitigation options. The options include repayment plan or loan modification.

A Loss Mitigation Package can be found on our website: https://volservicing.com/helping-homeowners-succeed/.

Foreclosure and Eviction Moratorium

VMLS will not have any foreclosure sales between March 18 and May 18, 2020. No new loans will be reviewed for foreclosure referral to an attorney prior to May 18, 2020. If you have a Covid-19 hardship and need additional time beyond the CARES Act foreclosure moratorium, please contact VMLS and return the CARES Act Forbearance Agreement found at the top of this page.

We have also placed Evictions on hold through May 18, 2020. Did you know that we offer Cash for Keys? If you are still living in a home foreclosed on by VMLS prior to March 18, you can request Cash for Keys to leave your home in broom swept condition. We will allow additional time for you to safely move during the Covid-19 event. If you are interested in learning more about our Cash for Keys program, please email custserv@volservicing.com.

Updated July 2, 2020: Occupied properties referred to foreclosure prior to March 18, 2020 will not go to foreclosure auction sale prior to September 1, 2020. No new occupied properties will be reviewed for foreclosure referral to an attorney prior to September 1, 2020. Vacant or abandoned properties resumed foreclosure action on May 19, 2020. Eviction action on properties foreclosed and sold back to Tennessee Housing Development Agency prior to March 18, 2020 are on hold through September 1, 2020.

Updated August 28, 2020: Occupied properties referred to foreclosure prior to March 18, 2020 will not go to foreclosure auction sale prior to January 1, 2021. No new occupied properties will be reviewed for foreclosure referral to an attorney prior to January 1, 2021. Vacant or abandoned properties resumed foreclosure action on May 19, 2020. Eviction action on properties foreclosed and sold back to Tennessee Housing Development Agency prior to March 18, 2020 are on hold through January 1, 2021.

Be Aware of Scams

Scammers often take advantage of vulnerable consumers during disasters and financial shocks. In addition to coronavirus-related scams, be aware of scams that falsely promise financial relief from your mortgage loan, or from foreclosure.

We do not charge you to participate in any of our loss mitigation programs or to work directly with a HUD Certified Housing Counselor.

We will not make harsh collection calls or leave loan details or default language on your voicemail.

All of our payment methods are clearly listed on our website. We do not accept Credit or Debit Cards, or any other type of payment card.

VMLS does not use third party collection vendors and VMLS does not sell our collection debt.

VMLS does use a third party Loss Mitigation firm once you have applied for Loss Mitigation Assistance, this does not include the Covid-19 Forbearance. You will be referred to our Loss Mitigation vendor only when you submit a Loss Mitigation package for non Covid-19 defaults.

If you receive a call from a person stating they are from VMLS using threatening language or demanding a payment type other than those listed on our website, please hang up and call us at 1-844-865-7378 to report this information.