Special Situations

Screenshot of the Special Situation window.

Find this window by selecting a loan > Settings tab > scroll to the bottom to find the Special Situations section > click New or select and existing setting and click Edit.

Under certain circumstances you may wish to allow the borrower to skip one or more payments in a row. This is often done for hardships such as loss of employment of medical necessity. Some laws arising from the COVID-19 pandemic require lenders to offer forbearance plans to their borrowers.

Use the Special Situations setting to add a period of forbearance to a loan.

Timely payments should resume on – choose the first due date where the borrower will be expected to start sending in payments again.

Forbearance of Payments – check the box to indicate that payment will be skipped for one or more due dates.

Forbearance starts on – choose the starting due date of the forbearance. That payment, and any due dates thereafter, will not need to be paid until the date chosen for timely payments resume above.

Missed payments are not due (Reinstatement) – check this box and on the timely payments resume date, only the regular payment and escrow will be due on the loan. If the box is not checked, all regular payments and scheduled escrow deposits that had accrued will become due and payable on the timely payments resume date.

Accumulated interest is – How should Moneylender handle the accumulated interest?

Escrow due is – what do we do about the schedule escrow deposits that occurred alongside the regular payments due during the deferment period?