COVID-19 (Coronavirus) Payment Forbearance Option
Understanding your available options for assistance is an important step in managing hardships and we are committed to helping you understand your options to provide you the best customer service possible during these uncertain times.
HAVING TROUBLE MAKING YOUR MORTGAGE PAYMENT?
You may qualify for a forbearance plan if you are experiencing any of the following:
- Significant loss of income due to COVID-19
- Missing work due to COVID-19
- Caring for a family member who has been affected by COVID-19
What’s A Forbearance?
- A forbearance is a temporary pause of your mortgage payment. In this case, the forbearance will last for an initial period of 3 months. Once that time-frame is up, we work to reevaluate your situation and determine the next step, which can be a continuance of your forbearance. If you’re ready to resume payment, we move toward payment options.
- It’s important to note that a forbearance related to COVID-19 won’t have a negative impact on your credit.
Common Forbearance questions
- Can I make full or partial payments during my forbearance plan period?
Yes, you certainly can. Although you’re not required to make full or partial payments during your forbearance plan period, we appreciate any payment you can afford because it will reduce the amount you’ll be required to repay later.
- What are my options if I’m not current on my mortgage payments?
If you’ve already missed payments, you may still be able to suspend your payments through a forbearance. The availability or duration of your payment suspension options will depend on your loan type and the length of the
delinquency. Loan modification programs are also available, subject to certain criteria based on your type of loan.
What Happens When the Forbearance Is Over?
When you are ready to resume payments, the money from the forbearance needs to be paid back. There are three ways to go about that:
- Lump Sum Payment: If you can afford it, the simplest thing to do is make a lump sum payment and pay off the whole amount you owe. That sounds like a big chunk, but one of the options you have is to pay whatever you can during the forbearance in order to cut down on the amount you owe at the end. Still, we understand not everyone has the money, so there are other options.
- Repayment Plan: The second option is to go on a repayment plan. With this, you make your regular mortgage payment plus some extra in order to pay off the amount you still owe from your forbearance over a set period of time.
- Modification: By modifying your loan, we can roll the balance back into the mortgage.
HOW DO I APPLY FOR A FORBEARANCE?
- Please start by filling out our Borrower Hardship Form.
- One of our agents will contact you within 48 hours to over your options and get you setup on a plan to help you through your hardship.
Other Useful Resources
If you own a small business, the federal government has declared an intention to make disaster relief funding available for COVID-19-impacted businesses.
We’ve also updated our procedures for home appraisals and closing appointments for the safety of our clients, our team members and our community.
Wellness is our top priority, and we know that financial wellness can be affected by your personal health, so it’s important to follow the directives provided on the CDC’s COVID-19 site. Stay safe and healthy!