Trouble Making Your Payment?
Payment Assistance
VanDyk Mortgage Payment Assistance Options
Notice on COVID-19/Coronavirus
In light of the unprecedented events of the past few weeks, VanDyk Mortgage has taken extraordinary steps to help ensure the physical safety and well-being of our employees, customers and vendors. We remain committed to minimizing the spread of COVID-19 and lessening the financial impact on our customers.
VanDyk Mortgage is here to serve your needs. While you may experience longer wait times, rest assured that we are available to help you with your mortgage needs. Servicing customer are encouraged to visit www.vandykmortgage.com and selecting “Make a Payment” to manage their accounts. Customers with loans in process may utilize their online portal located at the loan originators website to submit documentation. New customers may apply at www.vandykmortgage.com/locatelo.php.
MAKING PAYMENTS
Current VanDyk Mortgage customers who have not set up an online account should, please contact our customer service teams at 888-4VANDYK (888-482-6395) or servicemyloan@vandykmortgage.com. With an online account, VanDyk Customers will be able to:
- Access your account 24/7
- Update your personal details
- Make monthly mortgage payments
- Set up automatic payments
As USPS and other parcel carriers experience delays, payments by mail could take longer to arrive. We ask that customers help avoid these complications by making payments HERE.
For customers who are unable to access their account online for any reason, we will waive any charges for payments made over the phone during this time.
LOANS IN PROCESS
While, again, response times may be increased, VanDyk is working diligently to process, approve and close all loans. As Federal, State and local guidance increases, certain key functions may be impacted, but VanDyk and our vendor partners are doing everything we can to facilitate the closing of loans.
ADDITIONAL SERVICES
Customers whose ability to make a mortgage payment has been directly impacted by COVID-19 should call 888-4VANDYK (888-482-6395) or email servicemyloan@vandykmortgage.com.
For more information on COVID-19 please visit the Centers for Disease Control and Prevention website (https://www.cdc.gov/coronavirus/2019-ncov/index.html).
ALERT FOR NEW YORK BORROWERS
The New York Executive Order No. 202.9 and Emergency Regulation 3 NYCRR Part 119 allows individuals who reside in New York to apply for forbearance for up to 90 days for any payment due on a residential mortgage for a property located in New York. The forbearance will be available to borrowers who demonstrate financial hardship as a result of the COVID-19 pandemic, including loss of employment and inadequate reserves to make the mortgage payment. The forbearance under Part 119 is not available for FHA loans, VA loans and other loans sold to Fannie Mae, Freddie Mac and other specified instrumentalities or government sponsored entities. Any payments missed due to the forbearance will need to be repaid. To learn how to apply, you may contact us at 888-482-6395 or servicemyloan@vandykmortgage.com or contact your current servicer.
If you do not qualify for forbearance under Part 119 or other state guidelines, make all payment(s) to your originating lender and, upon notification that the mortgage loan has been transferred to your mortgage servicer, contact your mortgage servicer for possible forbearance.
Forbearance for FHA loans, VA loans and other loans sold to Fannie Mae and Freddie Mac
There are also forbearance options available for FHA loans, VA loans and other loans sold to Fannie Mae, Freddie Mac and other government sponsored entities for borrowers who have experienced hardship resulting from COVID-19. Please contact us or your current servicer regarding these options, how to apply, and eligibility requirements.
VanDyk Mortgage Corporation is proud to offer assistance
to borrowers who are experiencing hardships that impact
their ability to maintain their mortgage obligations.
There are alternatives to foreclosure, but you must take
action immediately and CALL US TODAY. Call
888-482-6395, Option 4 to speak with a Loss
Mitigation Specialist/Loan Counselor who can discuss
your situation with you and may be able to help you
avoid foreclosure.
Depending on your individual circumstances, you may be
eligible for one of various repayment solutions, such
as:
Forbearance: A forbearance is a temporary
postponement of your regularly scheduled mortgage
payments. It can be a partial forbearance, in which
you are still required to make a reduced monthly
payment, or a full forbearance, where the entire
payment is put on hold. A forbearance is most
helpful in providing temporary relief for sudden,
unexpected hardships that are expected to be
resolved in less than a year. A common example would
be a natural disaster, in which the property
requires repairs and there may be a delay in
receiving insurance proceeds.
Repayment Plan: A repayment plan allows a
borrower who has fallen behind in their obligations
to make an increased payment for a designated amount
of time, with the extra amount going towards the
missed payments until the loan is completely
current. Repayment plans do not provide payment
relief, but do provide a way to help delinquent
borrowers become current without having to fully
reinstate the loan in one lump sum payment. A
repayment plan may be appropriate, for example, if
you can normally afford your mortgage payment, were
unable to pay for a short period of time due to an
unforeseen circumstance, and cannot afford to pay
all of the missed payments at once in order to bring
the loan current immediately, but can afford a
slightly higher monthly payment each month.
Modification: A loan modification brings your
account up to date immediately by adding past due
interest and escrow payments to the unpaid principal
balance and re-amortizing your payments over a new
term, and results in a permanent change to one or
more of the terms in your mortgage agreement. In
order to be considered for a loan modification, you
must be able to document a qualifying hardship that
has or will impair your ability to maintain the
original terms of your contract over a long-term or
permanent basis. You must also be able to document
your ability to afford the new modified payment. A
loan modification may result in a temporary or
permanent change of interest rate, an extension of
your loan term, and/or an increase in the principal
balance of your loan to account for any missed
payments and arrearages. Certain government-backed
loans may also be eligible for a principal
forbearance.
Short Sale: A short sale allows a borrower to
sell their property even if the proceeds from the
sale will not fully satisfy the mortgage debt. In
order to pursue a short sale, you must list your
property with a qualified real estate agent and
receive an offer from an unrelated third party. You
may be required to make a cash contribution or sign
a promissory note for all or some portion of the
mortgage debt in order for the sale to be approved.
Deed-in-Lieu of Foreclosure: A deed-in-lieu
of foreclosure is a last resort option in which you
voluntarily sign over the deed to the property. In
order to be considered for a deed-in-lieu, you must
first pursue a short sale by listing the property
for sale at market value with a realtor for an
extended period of time.
To determine your eligibility for any of these options,
we may ask you to complete a personal financial
statement and to provide documentation such as your two
most recent bank statements and payroll stubs, your most
recent income tax return, and your expectations for
future income. We may also require access to your
property to determine its current value. You may wish to
contact a credit counseling agency to assist you. The
Department of Housing and Urban Development (HUD) can
provide you with the name and address of the local HUD
approved counseling agency by calling their toll-free
hotline at 800-569-4287.
Keep in mind that any decision to offer a Work Out
Option is made on a case by case basis; the decision is
dependent on the information you provide us and such an
offer is not guaranteed. It is, however, important that
you call us as soon as possible. Any existing
foreclosure action will not be stopped unless a work out
option is agreed to and finalized by all parties; all
fees and charges incurred must be paid but may be
included in the work out option.
Washington: If your property is located in
Washington, you may contact the Department of Financial
Institutions, the Washington State Bar Association, or
the statewide civil legal aid hotline for possible
assistance or referrals at 1-877-894-HOME (4663).
Having Trouble Making Your Payments?
Eligibility