What is Payment Deferment
With the huge spread of the coronavirus and its associated illness, COVID-19, the national economy and global economy have been immensely disrupted. Sales orders are being cancelled, subscriptions not renewed, employees are getting laid off and customers are buckling down. Fortunately, for the downturn we’re facing this time, most of private industry is on the same time. Meaning, unlike during the 2008 financial crisis, banks aren’t foreclosing or seizing assets en masse to cover their losses. Instead, many major banks have already announced critical modifications to their banking and product policies.
Banks Offering Deferment on Mortgage Payments During Coronavirus
Mortgage repayments are a daunting thought when your job is in jeopardy or, worse, when you’ve already been laid off. So are repayments on other types of loans, but the failure of repaying a mortgage comes with the specter of foreclosure.
Thanks to the latest moves made by many of the largest banks, both brick-and-mortar and online banks, the anxiety of not being able to repay your mortgage can be soothed a bit. Banks are offering various forms of mortgage assistance programs, as well as ones for home equity loans and home equity lines of credit (HELOCs). Below is a non-exhaustive list of some of the largest banks by asset size and the mortgage assistance programs they’re offering to those adversely affected by COVID-19.
- BB&T: Offering mortgage forbearance for a minimum of 90 days for customers impacted by the current crisis.
- Bank of America: Offering payment relief options on home loans and credit cards. Contact Bank of America directly for more information.
- Charles Schwab Bank: Offering customers with mortgages or home equity lines of credit through Charles Schwab Bank and Quicken Loans can request payment relief for up to 90 days.
- Chase: Offering assistance with mortgage payments. You must call 800-848-9380 for more information.
- Citi: Offering various hardship programs for eligible mortgage customers. Call 1-855-839-6253 for more information.
- The Columbia Bank (owned by Fulton Bank): Temporary six month forbearance on residential mortgage loans and closed-end consumer loans secured by real estate.
- Comerica Bank: Offering loan deferrals on various lending products. Call 888-444-9876 to discuss options for residential mortgage loans.
- Guaranteed Rate Affinity: Offering forbearance and loan modifications plans to those facing financial struggles related to COVID-19 that are impacting your ability to make your mortgage payments.
- M&T Bank
MTB: Offering mortgage and home equity repayment assistance to customers whose income has been reduced due to COVID-19 impact.
- PNC Bank: Offering to postpone payments for up to 90 days with no late fees for customers with mortgages or home equity loans, among other lending products that are eligible.
- SunTrust: Offering mortgage forbearance for a minimum of 90 days for customers impacted by the current crisis.
- TD Bank: Offering payment deferral program for mortgages and home equity loans or lines of credit, as well as waiving late payment fees on each type of home loan product.
- Union Bank: Offering assistance with your mortgage or home equity account. For more information, called 800-237-0561.
- U.S. Bank: Offering a payment forbearance up to 90 days with no late fees on mortgages for those negatively impacted by the current crisis.
- Wells Fargo: Offering payment deferral plans for customers with mortgages, credit cards, auto loans, small business loans and personal loans who have been impacted by COVID-19.
If you don't see your bank on this list, that doesn't mean they aren't offering any financial assistance during this time. Make sure to check your bank's website for a COVID-19 update or give them a call to see what options are available to you.
Thank you Forbes for the information!