REAL ESTATE LOAN FORBEARANCE FAQS
Q. I can’t afford to make my mortgage payments due to COVID-19. Are you offering anything that can help me?
A. Yes. We can offer a forbearance that temporarily suspends your first mortgage, Home Equity Line of Credit (HELOC) or Fixed Equity loan payment requirements.
To discuss or request forbearance on your first mortgage, please call us at 866.227.4394.
To request forbearance on your HELOC or Fixed Equity Loan please call us at 800.462.8328 ext. 8723 or log in to Online or Mobile Banking and send us a message in the Message Center, select COVID-19 Help in the drop-down.
Q. What is forbearance?
A. Forbearance allows you to suspend making payments on your loan for a defined period of time. When the forbearance period is over, the suspended amount is repaid by making a lump sum payment, or you may be able to enter a short-term repayment plan or defer the amount due.
Q. If I take advantage of the mortgage forbearance program, what are my repayment options?
A. There are three options. You can repay the suspended payments at the end of the forbearance period, at the end of the loan, or through a short-term repayment plan. If you're still experiencing financial hardship, you may request to be evaluated for a loan modification or repayment plan. We can work with you to determine the best repayment solution to meet your needs.
Q. Will my HELOC be available to use during the forbearance period?
A. No. Advances on HELOC will not be allowed during the forbearance period.
Q. Will my credit be negatively impacted during the forbearance period?
A. If your loan was current before forbearance started, we'll report it as current. If your loan was delinquent before entering forbearance, we'll maintain your delinquent status. If you’re able to bring the loan current, we’ll report it as current.
Q. Will late fees be assessed during the forbearance period?
A. No, late fees will not be assessed during the forbearance period.
Q. Will there be interest or fees charged for missed payments during a forbearance period?
A. No additional interest beyond your regular scheduled principal and interest payment will accrue, and no fees (including late fees) will be charged during your forbearance period.
Q. If I'm able, can/should I make a payment(s) during the forbearance period?
A. Yes, if you're able, you can and should make payments during the forbearance period. This will reduce the amount due at the end of your forbearance period. Making payments does not change the terms or duration of your forbearance period.
Q. Can I defer payments after the forbearance period?
A. Yes. Payments due during the forbearance period can be repaid through a deferment. Your suspended payments will be due at the time your loan is paid off, either through a refinance, sale of your home or at loan maturity. A deferment will not accrue additional interest.
Q. What if I can’t afford to make payments after the forbearance period is over?
A. We’re here to help you find the best solution for your individual situation. If you're still impacted, we may be able to extend the forbearance period.
To discuss options on your first mortgage, please call us at 866.227.4394.
To discuss options on your HELOC or Fixed Equity Loan please call us at 800.462.8328 ext. 8723 or log in to Online or Mobile Banking and send us a message in the Message Center, select COVID-19 Help in the drop-down.