28 banks that may help with your mortgage payments during the COVID-19 outbreak
- If you've been financially affected by COVID-19, your bank may offer assistance by suspending foreclosures, providing deferral programs, and waiving late fees.
- We've provided a list of 28 banks that are helping customers with
mortgage paymentsduring the global health crisis, including Bank of America, Chase, Citi, and HSBC.
- If your bank (or credit union) isn't on the list, visit its website or call directly anyway — your institution may provide some sort of assistance.
- Read more personal finance coverage »
If you've lost your job due to the COVID-19 pandemic, you might be scrambling to figure out how to afford your mortgage payments.
Should you refinance for lower monthly payments? Should you risk hurting your credit score by enrolling for deferral? Will you have to foreclose on your home?
Thankfully, numerous banks are offering assistance to customers who have been financially impacted by COVID-19. Many are providing deferral programs, waiving late fees, suspending foreclosures, and promising not to report missed payments to credit bureau agencies.
Find out how your bank is willing to help. If your bank (or credit union) is not on this list, call a representative to discuss your options.
Banks that may help with your mortgage payments during the COVID-19 outbreak
You can defer mortgage payments through Ally for up to 120 days. Deferment starts the day you contact Ally.
Ally won't charge late fees, and skipped payments won't impact your credit score. However, interest will continue to accrue.
Bank of America
Bank of America is allowing customers to defer payments for up to 90 days, and missed payments are added to the end of the loan term. Your credit score will not be affected.
Bank of America is pausing evictions, re-possessions, and foreclosure sales for those impacted by the
BMO Harris is offering relief for mortgage payments. You can fill out a request relief form or contact the bank directly with more questions.
Charles Schwab Bank
You can defer mortgage payments for up to 90 days through Charles Schwab, but you have to pay the amount you missed at the end of the 90-day period. If this seems difficult, contact Quicken Loans to discuss loan modification.
Deferred payments will not affect your credit score, but interest will still accrue.
Chase is offering mortgage payment assistance. You can enroll by filling out a form online or by calling 1 (888) 356-0023.
CIT is not foreclosing on homes or evicting homeowners who cannot pay at this time. To request mortgage forbearance, call 1 (800) 781-7399.
Citi is providing a variety of mortgage hardship programs. You can call its service provider, Cenlar FSB, at 1 (855) 839-6253.
Citizens Bank is offering mortgage payment assistance for up to 90 days with no late fees. The bank won't report late or missed payments to credit bureau agencies for
The bank is automatically pausing foreclosure for up to 60 days. You don't need to contact Citizens Bank to request a foreclosure extension.
Comerica is offering payment assistance. Call 1 (888) 444-9876 to speak with a representative.
You can call 1 (855) 295-2193 to speak with a representative about your financial hardship's impact on your mortgage payments.
East West Bank
East West Bank is offering mortgage payment relief options. You can request support on the mortgage homeowners assistance page.
Fannie Mae/Freddie Mac
You can request forbearance for up to 12 months total with government lenders Fannie Mae and Freddie Mac. Ask for up to 180 days as an inital forbearance period — and an 180-day extension if you're still struggling once the initial period ends.
Beginning July 1, 2020, you can choose a new deferral repayment option for Fannie Mae- and Freddie Mac-backed mortgages. Ask to repay the deferred amount in one lump sum when you sell or refinance the home, or when you pay off the home completely.
Fifth Third Bank
You can apply for mortgage payment forbearance for up to 180 days through Fifth Third Bank. You will need to pay the amount you missed at the end of the forbearance period.
You may choose to pay the full amount at once, set up a repayment plan, or request to be evaluated for a loan modification plan. Loan modification allows you to move skipped payments to the end of the loan term.
You can request mortgage payment deferral or reduction with HSBC, and the bank is waiving late fees for people affected by the coronavirus. Your credit score will not be impacted.
Huntington National Bank
You can defer mortgage payments for up to 90 days. Interest will continue to accrue, but you will not have to add payments to the end of your loan term.
M&T Bank is offering mortgage payment assistance. You can submit your financial information on the mortgage & home equity repayment assistance page.
Navy Federal Credit Union
You may apply for mortgage forbearance by calling 1 (800) 258-5948 or sending Navy Federal Credit Union a secured message from your online account. You may request an extension if you're still facing financial hardship at the end of the forbearance period.
You have several options for how to pay back missed payments. You may pay a lump sum once the forbearance period ends, spread the amount across the rest of your monthly payments, or tack on payments to the end of your loan term.
Navy Federal Credit Union will not charge late fees or penalties. It also will not report late or missed payments to credit bureau agencies.
New York Community Bank
New York Community Bank is offering 90-day mortgage forbearance for customers who have been financially impacted by the coronavirus.
You may qualify for a modified mortgage program. This program could involve a trial period for the first three or four months.
PNC Bank will let you pause mortgage payments for up to 90 days. You will not incur any late fees.
You can pause mortgage payments for up to 90 days. Call 1 (800) 748-9498 or visit the mortgage payment assistance page to learn about the deferral process.
Santander Bank is pausing mortgage foreclosures. Call 1 (844) 728-0999 to speak with a representative.
If your family has been financially impacted by the coronavirus, you may qualify for temporary forbearance through TIAA Bank. You won't face late fees, and the forbearance will not hurt your credit score.
TIAA Bank is also suspending home foreclosures until May 17.
TD Bank is offering mortgage payment deferrals and waiving late fees. You can call 1 (800) 742-2651 for more information.
Truist (formerly BB&T and SunTrust)
You can enroll in forbearance for up to 90 days through Truist. If you're still struggling to make payments at the end of the 90-day period, you can apply for payment modification.
If you were previously a SunTrust customer, call 1 (800) 443-1032. If you were a BB&T customer, call 1 (800) 827-3722.
You may be able to pause mortgage payments or pay a reduced amount for up to three months. Union Bank will not charge late fees or report forbearance to credit bureau agencies.
Union Bank provides options for extending your plan if you continue to face financial hardship at the end of the three-month forbearance period.
You can pause mortgage payments for up to 180 days without facing late fees.
Webster is providing options for mortgage payments deferrals. The company is pausing residential foreclosures for 90 days.
Wells Fargo is offering mortgage payment deferrals and waiving fees. The bank is pausing foreclosure sales and evictions for customers affected by the coronavirus.
This piece is being updated as we learn about banks' relief policies.Read the original article on Business Insider
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