PrimeWest Mortgage

FREQUENTLY ASKED QUESTIONS

What happens if I miss a payment? Will missed payments still be owed? 

If you are facing financial hardship due to an interruption in your income, we can offer a forbearance of your PrimeWest Mortgage payments for up to 120 days. You will still be responsible for the payments at the end of the specified period and interest will accrue, but you won't be charged any late fees and your payments will not be reported as late to the credit bureaus. Your service representative will work with you on options for repaying the suspended forbearance payments after the forbearance period ends.

What payment options am I eligible for? Will my circumstances need to be assessed? 

We're offering a temporary payment forbearance of up to 120 days for those whose employment status or number of hours working has been impacted by COVID-19. Our service representatives can guide you through the process. You will not be required to submit a formal application; however, to apply you will need to call 806.788.1090 or email servicing@primewestmortgage.com

What is a forbearance? 

A forbearance is just another term some use to describe the temporary suspension of your monthly mortgage payment. During the forbearance period, your payments are suspended for a specified length of time. Though you will be expected to pay the suspended payment amount and any accrued interest on that amount at the end of that time period, your service representative will walk you through your options for repaying the payments after the forbearance period ends. 

How long can I defer payments? What happens if my circumstances have not changed by the end of the timeframe? 

A forbearance payment will be available for up to 120 days. If your circumstances have not changed after 120 days, please contact us to discuss your options. You may be eligible for further loan workout options once your deferral period ends. 

If I'm in foreclosure, how will this impact that process? 

Evictions/foreclosure proceedings will be suspended until July 30. 

If I'm unable to reach a representative due to long call wait times, what can I do? 

We know the wait times are long right now, so we encourage you to email servicing@primewestmortgage.com, and a member from our team will contact you as soon as possible. This is an unprecedented situation, and we're doing everything in our power to help customers who have been impacted by COVID-19. We appreciate your patience.

If I need to stop my ACH payment, what can I do? 

Contact us at 806.788.1090. Note: In order to stop an ACH payment, we need 1 business day advance notice. 

Do I need to do anything to stop my automated monthly drafts if I'm placed on a forbearance plan? 

If you decide to temporarily defer payments, your ACH monthly drafts will automatically stop. You won't need to take any further action. 

If my account is active on a forbearance plan, will I still receive billing statements? 

Yes, we are required to send customers a billing statement every 30 days. You will not be required to make any payments during the plan period. Negative credit reporting and late charges will not occur during the duration of the plan. We are also required to send certain delinquency status letters to ensure compliance guidelines. 

Will I be contacted by phone during the forbearance process? 

We will contact you by phone periodically to update your status and provide you with additional information about your next options. 

For any other questions or concerns, don't hesitate to reach out to us using the contact info below:

Email: servicing@primewestmortgage.com
Call: 806.788.1090

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