Carolina One Mortgage
4024 Salt Pointe Parkway, Suite #A
North Charleston, SC 29405
During these unprecedented times, we are all impacted by COVID-19 in some way. We hope that you and your family, friends, and colleagues are safe and well, and are taking the necessary precautions to stay that way.
If you are able to make your mortgage payment, please continue to do so.
If you have been impacted by COVID-19 and are unable to make your payment or are concerned about your future ability to do so, start by going to our Sign In page. There you can properly identify your loan servicing team, access information about your account, and identify options that may be available to assist you.
We’re here to help answer questions, including those about payment options in the context of COVID-19. Available options will depend upon the type of loan a customer has and other factors that must be considered on a case-by-case basis.
Customers should not stop making mortgage payments until they have been approved for an alternate plan. These are not payment forgiveness programs. They will require any paused payments to be repaid in full at the end of the program completion.
We want our customers to stay in their homes and we will work with each affected customer to determine the best options to support that goal. Here we share some common terminology to enhance your understanding of loss mitigation programs (plans that may allow customers to modify payments).
Forbearance: A program under which the customer temporarily pauses paying on a mortgage or temporarily pays at a reduced rate. The customer will be responsible to repay any missed payments after the forbearance period (either in lump sum or in adjusted payment amounts over a period of time). What happens at the end of the forbearance period? You will need to discuss with your servicing team the options available to you as next steps. These may include:
ROLE OF THE MORTGAGE SERVICER
In most cases, mortgage loans are owned by a government agency or other investor, and mortgage servicers are responsible for collecting payments, sending funds to the owners/investors, and managing escrow accounts, among other services. Options available to customers who are unable to make payments are governed by the owners/investors and in most cases are not within the discretion of servicers.
NEW OR REFINANCE LOANS IN PROCESS
If you applied for a loan with us and have not yet closed, you should continue working with the same Loan Advisor you have to this point via email, phone, etc.
We appreciate the trust you place in us. Thank you for being part of our family of companies!