Servicing and Support

NOVA Home Loans complies with the Real Estate Settlement Procedure Act, RESPA, which requires us to perform an annual analysis of your loan. This analysis may result in an escrow account adjustment. You will receive an escrow analysis statement detailing the specifics of this analysis each time an analysis is performed. Please contact our customer support center at 1-855-415-5614 or email support@NOVAhomeloans.com if you have questions about your escrow account.

For NOVA Home Loans to process your insurance renewal request, it is important that your insurance company has the NOVA Home Loans mortgagee clause listed below. NOVA Home Loans does provide each insurance company with these notifications, but it is helpful if you ask your insurance carrier to change the mortgagee clause to:
NOVA Home Loans
Its Successors and/or Assigns (ISAOA)
As Their Interests May Appear (ATIMA)
PO Box 29411
Phoenix, AZ 85038-9411

Escrow accounts are required for the life of the loan for FHA and VA loans. Conventional loan types may qualify for escrow deletion if specific Investor requirements are met. Please contact the Nova Home Loans Customer Service Team at 1-855-415-5614 or email support@NOVAhomeloans.com.

In some instances, escrow accounts may be removed from the mortgage loan. These requests are reviewed on a case-by-case basis, and a written request signed by every customer on the loan is required. For more information, please email us at support@myNOVAservicing.com or call 1-855-415-5614.

Some city and county tax agencies send copies of bills to the property owner, even if taxes are included in your escrow account. If you have questions or would like to forward the bill to NOVA to ensure it is paid, please email us at servicing@NOVAHomeLoans.com or call 1-855-415-5614.

When your loan transfers to our servicing department, it may take a few weeks for all documents and information to be updated. Please reach out to us if you receive a notice that your insurance lapsed and your loan is escrowed. Our email address is servicing@NOVAhomeloans.com.

To verify if the funds need to be placed back into your escrow, or are yours to keep, please email servicing@NOVAhomeloans.com.

Please call our customer service department at 1-877-417-6682, or email servicing@NOVAhomeloans.com for more information and instructions.

A copy of the new homeowner’s insurance declaration page needs to be sent to the servicer of your loan. You can also reach out to NOVA at loanservicing@NOVAhomeloans.com. We will gladly update this information for you.

The U.S. Department of Housing and Urban Development (“HUD”) sponsors housing counseling agencies throughout the country that provide advice and guidance regarding mortgage loan defaults, foreclosures, credit issues, and foreclosure alternatives. You can find a HUD counselor in your area by visiting the HUD website or by calling HUD toll-free at 1-800-569-4287

Repayment plans are a good option for homeowners who face temporary hardships. They spread the past due amount over a specific period, typically 3–6 months, during which time you make a full payment, plus a partial payment, until the account is brought current. Like all mortgage assistance options, the sooner you let us know about your need for help, the more likely a repayment plan will be available to you.

If you’re facing a long-term hardship, we can review your situation for a loan modification to determine if more manageable terms are available. Unlike refinancing, which replaces your existing loan with a new one, loan modification keeps your existing loan and changes its terms. If you qualify for a loan modification, it may be possible to reduce your monthly payment by lowering your interest rate, or extending the term of the loan. Specific eligibility requirements may vary depending on the loan’s investor or other factors.

If there are no options that make it financially possible to keep your home, a short sale could give you a fresh start and help you avoid the foreclosure process. It allows you to sell your home for less than you owe on the mortgage, pending investor approval. Some investors will not permit a short sale if you have not been evaluated for all home retention solutions.

Certain documentation may be required to complete the short sale review. The process could be delayed if the requested documents are not received in a timely manner. A short sale may have tax consequences and/or likely negatively impact your credit, but not as bad as foreclosure. You should contact your tax advisor to discuss these potential tax impacts.

Another alternative to foreclosure is called deed in lieu of foreclosure (DIL). DIL means that you voluntarily transfer ownership of your home to your lender, the lender terminates the loan, and the remaining balance due is forgiven. With this arrangement, you’ll have plenty of time to plan your move, and to transition out of your home. You may also be eligible for relocation assistance or assistance with paying other liens and judgments against your property. You will need to submit a completed statement of information form to start the review process. These arrangements are subject to investor approval and other eligibility factors. There may be tax consequences and/or a negative impact on your credit. You should contact your tax advisor to discuss these potential tax impacts.

Under a federal law called the Servicemembers Civil Relief Act (SCRA), military members may be entitled to a range of benefits unrelated to Veterans Affairs (VA) benefits. If the loan was originated prior to military service, military members may be entitled to the following benefits during, and 12 months after, active service:

• Foreclosure protection
• Lowered interest rate to 6% maximum, if the interest rate on the loan is more than 6%
• No new late fees
• No new legal fees

Eligible service members include:

• A regular member of the U.S. Armed Forces (Army, Navy, Air Force, Marine Corps, or Coast Guard).
• Reserve or National Guard personnel who have been activated and are on federal active duty. National Guard members and members of state military units who are called to state active duty are not covered by SCRA. However, many states have enacted laws that extend SCRA protections to such service members who are called to state active duty.
• National Guard personnel under a call or order to active duty for more than 30 consecutive days under section 502(f) of title 32, United States Code, for purposes of responding to a national emergency declared by the President and supported by federal funds.
• An active service member of the commissioned corps of the Public Health Service or the National Oceanic and Atmospheric Administration.
• A U.S. citizen serving with the armed forces of a nation with which the United States is allied in the prosecution of a war or military action.

If your home has been damaged by a natural disaster:

• Call Customer Service at 1-855-415-5614. Representatives are available Monday–Friday, 8:30am–5:00pm CST.
• Or email support at support@myNOVAservicing.com.

It’s also important to contact your homeowners insurance company, and/or your secondary insurance company (in the case of having flood, earthquake insurance, etc.), as soon as you can. NOVA Home Loans will be able to assist you with your homeowner’s insurance company contact information, and policy information, and provide assistance if you’ll have difficulty making your mortgage payment. If the servicing of your mortgage loan has been transferred, we can provide the contact information to reach your current mortgage servicer. Below are additional resources available to you.
To apply for FEMA disaster assistance:

• Visit www.disasterassistance.gov
• Or call 1-800-621-FEMA

To apply for Red Cross disaster assistance:

• Visit www.redcross.org

Preparing for a Natural Disaster:
If you are expecting or preparing for a natural disaster, the U.S. Federal Emergency Management Agency (FEMA) is a valuable resource for information on emergency preparedness. For information visit: www.ready.gov. You can also contact FEMA hotline:

• Visit www.fema.gov
• Or call 1-800-621-FEMA option 2; or TTY 1-800-462-7585

Forbearance

Also known as a forbearance plan, this offers you the ability to temporarily suspend or reduce your monthly payments for three months (or more if needed). Depending on the length of your COVID-19 hardship, your forbearance plan may be extended for up to a total of 12 months.

NOVA Home Loans is committed to assisting our customers in both the short term and the long term. As your hardship ends, there are longer term solutions available to resolve the overdue amount (forbearance amount). Based on individual circumstances, customers will be re-evaluated for available options. NOVA Home Loans will contact you about 30 days before your forbearance ends. If they are unable to reach you, please reach out to them.

Forbearance Repayment

Pay all forbearance (overdue) amounts over time by adding an agreed-upon extra amount to your normal monthly mortgage payments.

Deferral or Partial Claim

• Conventional loans owned by Fannie Mae or Freddie Mac may be eligible for a payment deferral which adds the forbearance (overdue) amount to the end of the loan. The deferral is a non-interest bearing balance which is due at loan payoff or refinance.
• FHA guaranteed loans may be eligible for a partial claim of the forbearance (overdue) amount. This is a separate noninterest-bearing HUD promissory note of the forbearance amount which is due to HUD at loan payoff or refinance.

  Loan Modification

  If the above options are not workable for your situation, you may be eligible to add your forbearance (overdue) amount to your loan balance and modify your loan terms to make your monthly payments more affordable.

  Credit Reporting and Late Fees

  We understand the importance of credit scores. NOVA Home Loans will not report negative data to credit bureaus or assess late fees for customers actively performing on forbearance plans (reduced or suspended payment agreements), or long-term assistance options.

CARES Act Mortgage Forbearance:What you need to know

Additional Video Resources

• Fannie Mae – Know Your Options – COVID-19
• Freddie Mac – COVID-19 Homeowner Relief Options
• FHA CARES Act Fact Sheet
• VA CARES Act FAQ’s
• Rural Development – USDA Coronavirus Website
• Foreclosure Scams