If you’re experiencing financial hardship associated with COVID-19, we want you to know that we’re committed to working with you to find the best solution to fit your needs. We have several options available to provide payment relief for home loans and home equity loans.
Here are some of the ways we can help:
- All late fees are being waived through June 30, 2020.
- All phone and online convenience fees are being waived through June 30, 2020.
- If you need to suspend monthly payments for a limited time, our home loan forbearance program is available on most home loans. See details below. You can request home loan forbearance by completing our online form or by calling 800.893.7824 x67001.
- Depending on your individual situation and loan type, we may be able to adjust the terms of your loan. However, you may want to consider home loan forbearance as an option before taking this step. You can request a home loan modification by completing our online form or by calling 800.893.7824 x67001.
- Foreclosure proceedings are being suspended until May 18, 2020, or after, except on vacant or abandoned properties.
Is home loan forbearance the right option for you?
Home loan forbearance is an option available on most home loans. A forbearance is a suspension, or pause, of your monthly payment for a limited period of time. The specific length of time will depend on your individual situation, but it is generally from three to six months.
Repayment options following the forbearance include a repayment plan to catch up gradually, deferring missed payments until your mortgage is paid off, or a permanent loan modification to maintain or reduce your monthly payment but which may extend the maturity date of your loan.
Before you decide to request a forbearance, there are a few more things you need to know:
- Under the CARES Act, if your loan was current when entering into forbearance, we will not report it as past due during the forbearance period, but your loan may show as past due in our online systems.
- We will waive late charges during the entire length of the forbearance. However, interest will continue to accrue on the unpaid balance.
- While we are committed to assessing every mortgage relief request, whether or not your loan is federally backed, eligible loans may be restricted due to investor or state requirements.
If you think this might be the right option for you, you can request home loan forbearance by completing our online form or by calling 800.893.7824 x67001. Please note that we are receiving a high volume of requests at this time, but we should be able to respond to most requests within two business days.
We’ll work with you to find a solution.
If you need assistance with your home loan or home equity loan, please reach out to us. Whether or not your loan is federally backed, we can offer a variety of relief options based on your individual needs. You can contact us by completing our online form or by calling 800.893.7824 x67001.