Do I have to pay my mortgage during the Coronavirus pandemic?
There is no doubt that the economy has taken a hit from the Coronavirus pandemic. Nearly ten million people lost their jobs in the last two weeks of March. While they might not be facing foreclosure yet, they are struggling to make their mortgage payments and their savings are dwindling each day.
Does my lender still require I pay my mortgage?
Thanks to the recent actions made by some of the largest banks, you can likely breathe a small sigh of relief. Banks are working with their clients to offer flexible solutions such as mortgage assistance programs and home equity lines of credit (HELOC).
Below is a list of banks and the associated mortgage assistance program they are offering due to the COVID-19 pandemic.
Ally Bank: Offering payment deferral for up to 120 days with no impact to your credit on home loans for customers affected by COVID-19.
BB&T: Offering mortgage forbearance for a minimum of 90 days for customers impacted by the current crisis.
BMO Harris: Offering payment relief options on mortgages, home equity, loans and credit cards. Contact BMO Harris 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.
Comerica Bank: Offering loan deferrals on various lending products. Call 888-444-9876 to discuss options for residential mortgage loans.
East West Bank: Offering temporary mortgage payment relief options for those who are unable to make their mortgage payments due to a disruption of income related to COVID-19.
Fifth Third Bank: Offering 90-day payment forbearance with no late fees on mortgages and home equity loans.
HSBC: Offering financial assistance programs to help with customers’ mortgage or home equity loan payments who have suffered financial hardship. Call 855-806-4657 for more information.
Huntington National Bank: Offering up to 90 days of payment deferral on all consumer loans, including residential mortgages, for those experiencing financial hardship as a result of COVID-19.
M&T Bank: Offering mortgage and home equity repayment assistance to customers whose income has been reduced due to COVID-19 impact.
New York Community Bank: Offering 90-day residential mortgage payment forbearances for customers whose income has been negative impacted by events linked to COVID-19.
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.
Regions Bank: Offering consumer mortgage payment relief upon request for 90 days for those negatively impacted by COVID-19.
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.
Webster Bank: Offering options for payment deferrals on mortgages, home equity or personal loans, and small business loans, based on need. Webster is also putting in place a 90-day moratorium on foreclosure of residential loans.
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.
What if I’m already at risk of missing a mortgage payment?
If you think you are at risk of missing your mortgage payment, you should call your lender today. They can work with you to develop a personalized gameplan that fits your situation.
Most lenders are willing to be flexible and many have suspended foreclosures and evictions during the coronavirus outbreak.
Why? They know that they will be helped out by money made available through federal legislation. Also, during these tight times, they would rather stay with an existing client than try to find a new buyer. Use this circumstance to your benefit, to give yourself space and time to get back on your feet without losing your home.