Pnc mortgage defer payment -
Tough Times Ahead – Loan Relief Through a Forbearance Agreement?
The novel Coronavirus Disease 2019 (also referred to as COVID-19) has caused state and local governments to shut down non-essential businesses for weeks – and possibly months on end -and even going as far to order people to stay in their homes and shelter in place. Every business sector is affected. Businesses are suffering the woes of the economic turmoil resulting from being closed, customer and supplier shut downs, and thus facing existential challenges as a result of loss of revenue, loss of employees, loss of product, coupled with the need to pay expenses, while trying to avoid defaulting on lending and credit arrangements.
TDR Relief. A special assets banker I worked with used to remark that “a bank’s first loss is its best loss.” Most financial institutions are regulated entities and must maintain minimum capital requirements dictated by the federal government. If a loan is not performing – in default – the bank must “charge off” all or a part of loan or classify it as non-performing, thus adversely affecting the bank’s balance sheet. A bank would have to justify to its regulators why a loan modification was not a trouble debt restructuring (“TDR”).
On March 22, 2020, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators (hereafter, the agencies), issued an interagency statement to provide guidance to financial institutions who are working with borrowers affected by COVID-19 and is encouraging financial institutions to “work prudently”. The agencies encouraged lenders to provide short term (6 month) modifications including payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant, to borrowers who are current (not more than 30 days overdue on any payment). Importantly, the agencies promise that “[w]orking with borrowers that are current on existing loans, either individually or as part of a program for creditworthy borrowers who are experiencing short-term financial or operational problems as a result of COVID-19, generally would not be considered TDRs. Then, on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act” (“CARES Act”) was enacted into law. Section 4013 of the Cares Act provides for optional suspension of TDRs under GAAP. Through December 30, 2020 a financial institution may elect to suspend the GAAP principles for loan modifications related to COVID-19 that would otherwise be categorized as a TDR. Lenders now have greater flexibility in restructuring loans. Lenders will not have to treat the TDR as an impaired loan when estimating loan or lease losses. Before the CARES Act was enacted, financial institutions had to classify a TDR as substandard and, if it is found to be impaired, the loan had to be written down. Now, lenders can more freely agree to loan modifications such as reducing interest rates, extending maturity dates at a rate lower than the current market rate of a new loan with similar risks or providing for interest only loans per ASC 310-40 (formerly FAS 114)
Temporary forbearance relief. Where a loan is not “current” or other material defaults exist, a financial institution is not going to be able to take advantage of the modified TDR guidance. It is improbable that a financial institution will agree to a simple deferral or amendment and the favored mechanism to preserve value until economic conditions return to a favorable climate is likely to be the “forbearance agreement”. Indeed, many lenders are offering forbearance relief at this time. Freddie Mac announced a multifamily coronavirus forbearance program on March 24, 2020 whereby “multifamily landlords whose properties are financed with a Freddie Mac Multifamily fully performing loan can defer their loan payments for 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval”. Quicken Loans is offering forbearance relief. Major car companies are advising customers that they will waive payments and fees. Major lenders are advising that they are now and will in the future work with customers experiencing financial difficulties as a result of coronavirus impact. PNC Bank is encouraging customers to call their business banker or a special number and advises that they are providing modification options with no late fee for small business lending products. Bank of America advises it will provide forbearances with certain fees.
So what terms can lenders and borrowers alike expect a forbearance agreement to contain? With a larger and more complicated the loan facility, the more complicated a forbearance agreement is likely to be. But for a smaller uncomplicated loan- especially an unsecured loan, a forbearance can be done in a simpler fashion, such as by letter agreement signed by the creditor with an acceptance signed by the borrower. A prudent borrower should consult with experienced workout counsel before executing any agreement. The lender certainly will have counsel involved; even if only to draft and help negotiate the agreement. Lenders need to be cautious where the borrower is an individual and review the applicable state contract, consumer and usury laws to assure the forbearance agreement does not run afoul of state provisions that may apply to an individual even if the debt in question is not a consumer obligation under federal laws.
Why is a forbearance better for a creditor than liquidating immediately? A forbearance agreement is often more attractive than obtaining judgment and liquidating for many reasons but the most common reason in a downturn is that the assets securing the indebtedness are relatively illiquid and enforcement of the loan through liquidation of the assets will create a loss so it is preferable to get cash payments for a period of time so the borrower can fix the defaults or perhaps refinance. If an agreement cannot be reached, the lender ultimately will proceed to litigation and liquidation and the borrower may “hand over the keys,” liquidate or file a bankruptcy. Because the CARES Act has increased the debt limits for a small business debtor to $7,500,000 of total debt, a business borrower may opt to file a bankruptcy and repay the lender over three to five years, and a court can confirm that plan over the creditor’s rejection if the business submits all of its earnings to fund the plan.
What are some standard terms in a Forbearance Agreement? While an agreement must be tailored to the specifics of the transaction, the following is a non-exhaustive template of the terms to include in the agreement. The agreement will usually have (1) recitals, (2) a stated standstill period, (3) a forbearance fee, (4) representations and warranties, (5) Confirmation of the Validity of Loan Documents, Collateralization and Fix Deficiencies, (6), the Scope of the Forbearance by Lender, (7) Interest Rates, (8) Payments During the Standstill Period, (9) Discount Payoff – Forgiveness of Debt, (9) Refinancing or Equity Infusion, (10) Payment of Professional Fees and other expenses, (11) Borrower’s Retention of a Turnaround Professional, (12) Waiver of Defenses; Release; Covenant Not to Sue, (13) an Indemnity, (14) Forum Selection, (15) Jury Trial Waiver, (16) Performance of certain Covenants during Forbearance Period and suspension of others, (17) Forbearance Events of Default, (18) Bankruptcy Provisions, and Liquidation Remedies. Some of these terms are negotiable, some are not.
Note where there is a discount payoff, the tax impact caused by the forgiveness of debt is nominal if the business is insolvent. Under the CARES Act, a business can now carry back net operating losses (“NOLs”) for up to five years in tax years beginning in 2018, 2019 or 2020. For pre-January 1, 2021 tax years, the CARES Act removes the TJCA limitation on NOLs that prevented taxpayers from offsetting in excess of 80 percent of a taxpayer’s current taxable income, so a business can use its NOLs, so for the time being, a business can use NOLs to offset up to 100 percent of its current taxable income. The Tax Cuts and Jobs Act, Section 11012, Pub. L. 115-97. Amendments enacted in 26 U.S.C. §461.
Conclusion. A properly drafted forbearance agreement is an important and strategic tool for a lender and borrower to enable a borrower to cure defaults and return to a normal lending relationship, or in instances where an exit is desired, to put an exit plan in place, while preserving a lender’s rights and defaults.
Beverly Weiss Manne is a co-chair of the firm’s Bankruptcy and Creditors’ Rights Department. She is also an adjunct professor teaching Banking Law: Payment Systems and Secured Transactions. Beverly can reached at 412.594.5525 or email
If you received a Paycheck Protection Program, your loan is fully forgivable, if spent properly. As you use up your PPP loan funds, you may start to wonder what the PPP forgiveness application deadline is. The short answer? It depends on when you got your loan. For all the details, read on.
What is the PPP loan forgiveness deadline?
There is no deadline to apply for PPP loan forgiveness.
Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It’s recommended you apply for forgiveness before you need to make your first PPP loan payment. Here’s why.
PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account. Once that covered period ends, your loan payments are deferred for 10 months. Simply put, you don’t have to worry about making the first payment for approximately a year (8 to 24 weeks + 10 months) after the money hits your bank account.
At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a two to five year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends.
Can I apply for forgiveness now?
Some lenders are accepting forgiveness applications right now.
But others (like Chase and PNC) have put a pause on accepting forgiveness applications to make updates based on the new forgiveness application forms released on January 19, 2021. These are forms 3508, 3508EZ, and form 3508S.
Check in with your lender to see if they are currently accepting forgiveness applications.
Why are forgiveness applications not widely available right now?
When the second stimulus bill rolled out on December 27, 2020, big changes were made to the Paycheck Protection Program. This included:
- A simplified PPP forgiveness application form for loan amounts of $150,000 or less.
- New forgivable expenses such as operational expenses, supplier costs, and property damages related to 2020 riots or public disturbances.
- A second draw PPP loan for businesses needing additional funding.
Both the SBA and lenders need time to update their forgiveness application process to account for these changes.
Where do I submit my application?
Each lender will be taking forgiveness applications through their own online portals. Check to see if your lender is accepting forgiveness applications. You may also be notified by email.
Use our guide below to find out what PPP forgiveness application form is best for you.
What can I do right now?
If your lender isn’t currently accepting PPP forgiveness applications, take this time to review your numbers to see if you meet the requirements to have your loan fully forgiven.
Some payroll providers (like Gusto) are offering forgiveness reports that provide you with a potential forgiveness reduction number based on your payroll activity. This will show the impact of any reduced headcount or salary and wages. These reports provide you with actionable steps to take if you have not met the terms for forgiveness on the entirety of the loan due to payroll activity.
You can also start gathering the required documents for when applications open. You can find a list of documents in our simple guide on PPP loan forgiveness.
At Bench, we will help you stay on top of all of your forgivable expenses. Before applying for forgiveness, our expert team is ready to take on any question you have and help you identify the information you need to fill out your forgiveness application. Learn more about how we support businesses with PPP loans.
Other COVID-19 Resources
What To Do If You Can’t Make Your Loan Payments
Despite all the stimulus checks and child tax credits helping us out, debt is still a big deal. The total U.S. household debt is $499 billion higher now than it was at the end of 2019.
Unemployment rates are falling back to semi-normal levels—5.9% in June 2021 compared to 14.8% in April 2020. But it can still be tough to pay the bills. If you’re having a hard time paying all your bills or are facing delinquency, you should look into a loan payment relief program.
Loan payment relief programs
Many lenders have offered loan payment relief during the pandemic, and for good reason. Beyond simple debt forgiveness, loan payment relief programs are often a way for lenders to help borrowers AND themselves. The borrower can make their monthly payments, and the lender benefits from at least some of the repayment, even if it’s smaller than normal.
Types of loan payment assistance programs
Assistance programs exist for all types of loan borrowers. Help can range from refinancing student loans to mortgage relief for homeowners, debt consolidation for credit cards, and more.
Refinancing is usually helpful to make monthly payments more manageable or save money on interest paid. Homeowners with an FHA (Federal Housing Administration) or VA mortgage might be able to refinance to lower their interest rate. Those with student loans and personal loans can also request a refinance.
Related:How to Refinance Your Mortgage (and Lower Your Monthly Payments)
Some lenders will allow you to pause your payments for a short time, usually one to three months. Interest will continue to accrue while your loan is in deferment.
Homeowners who have experienced financial hardship due to COVID-19 can request to pause or reduce monthly mortgage payments under the CARES Act. Loans need to be backed by HUD/FHA, USDA, VA, Fannie Mae, or Freddie Mac, and you need to request it by September 30, 2021. The forbearance period is 6 months. According to the Student Aid website, a direct loan is also eligible for administrative forbearance.
Related:Student Loan Forbearance Has Been Extended: Here's What You Need to Know
If you owe a lot of credit card debt, it might be best to consolidate it into one personal loan. You may save money because interest is generally calculated and applied only once (vs. credit cards, which compound interest daily). If you have a good credit score, you could also consolidate debt with a low interest home equity loan or home equity line of credit.
Related:Debt Consolidation Companies: Legit Helpers or More Pain Than Gain?
Interest and/or fee waiver
Some lenders waive interest or fees associated with an account that meets eligibility requirements. For example, if you’ve been making your loan payments on time, you are more likely to get a maintenance fee waived if you ask for it.
If you meet eligibility criteria, your lender might be willing to change the terms of your loan. This could mean lowering your interest rate, giving you more time to repay, offering a different type of loan, etc.
Related:The Best Mortgage Relief Programs – Help if You're Struggling
Sometimes a simple due date change could mean the difference between “I need help” and “I’m doing good.” Call your lender to ask if your loan program offers due date changes or the option to pay in cash at a retailer near you so you can still make payments on time.
Eviction and foreclosure moratorium
If your mortgage is delinquent, you might still get to stay in your home because of the FHA’s eviction and foreclosure moratorium. The deadline for first legal action and reasonable diligence is extended for 180 days after July 31, 2021.
Related:What is Foreclosure? Everything You Need to Know To Avoid Losing Your Home
Small business relief
The U.S. Small Business Administration (SBA) provides assistance for small business loans. The SBA automatically makes monthly payments for the equivalent of six months of payments. Additional economic assistance may be available if you contact your lender.
Read on to find out about the different companies that offer loan payment relief options.
Companies that offer loan payment relief programs
If you call them, most financial companies will consider a request for loan payment assistance if you’re experiencing financial hardship. The lenders below specifically listed the assistance they might offer eligible customers. Most of the time, eligibility requires a solid payment and/or credit history.
Upstart provides alternative payment plans for customers experiencing hardship. This could include fee or penalty waivers, student loan deferrals or reductions, or additional repayment assistance.
Read a full review on Upstart.
PNC details various ways to get help. Personal credit card, auto loan, personal loan, or home equity loan or line of credit customers can apply for their Consumer Loan Hardship Assistance online. Other customers will need to call the number listed on their coronavirus update page.
Read a full review on PNC Bank.
PenFed’s Financial Hardship Center describes multiple ways they help customers. Help includes payment deferrals, forbearance, or repayment modification.
Wells Fargo is offering payment assistance to student loan and personal loan customers. This includes deferred payments for eligible customers. Call 1-866-828-5047 for more details and to see if you’re eligible.
Read a full review on Wells Fargo.
Capital Good Fund
The Capital Good Fund offers a Crisis Relief Loan in Rhode Island, Florida, Massachusetts, Delaware, Illinois, Texas, and Colorado. The loan ranges from $300 to $1500 with a 15-month term, and only a 5% APR. Payments start 90 days after closing.
Truist’s personal loan payment relief guide describes how approved customers may be able to suspend monthly payments temporarily if they’ve lost income or experienced a natural disaster. However, the interest keeps accruing on loans, so customers will end up paying more interest in the long run.
HSBC’s coronavirus update page describes multiple relief options for account holders. They offer fee waivers, early withdrawal penalty waivers, lowered monthly payments, lower interest, payment assistance, and other options for deposit accounts, personal loans, credit cards, mortgages, and business banking.
You shouldn’t pay any fees to get loan payment relief. If someone asks for a fee or “tax,” chances are that’s a scam. But as most lenders will probably tell you, loan payment relief doesn’t necessarily save you interest. Interest keeps accruing while your loan payments are deferred, which could add to the life of your life or to your monthly payments once you start paying again.
For example, imagine your loan balance is $10,000 with an interest rate of 10% and a repayment term of 5 years. If you defer payment for only one month, you would add $82 to your loan balance.
Pros & cons
- Save money. Many loan payment relief programs lower your interest rate, lower your monthly payment, or pause your payments altogether.
- Reduce stress. If you’re able to reduce debt and save money, you may be at less risk for stress and anxiety.
- More time. If you’re able to find debt relief, you can refocus your energies on family, work, or health.
- Keep credit intact. If your loan payment relief lowers payments to the point that you can actually pay them on time, vs. being delinquent or defaulting, your credit won’t be harmed.
- Possibility of scams. Con artists may promise you a debt consolidation loan if you pay them a fee in advance. Or a fake credit repair clinic may promise to clean up your credit report for a fee.
- Doesn’t always lower debt. Just because a program changes your due date, lowers your interest rate, or delays your payment doesn’t mean your debt disappears.
- Complicated. With many federal relief programs, the rules seem to keep changing and it can be hard to keep up with.
The bottom line
If you’re in debt and can’t make your monthly payments, you should consider a loan payment relief program. Assistance exists for virtually every type of loan, from student loans to mortgages and personal loans. Just be sure to read the fine print, compare programs, and rule out any possibility of scams. Good luck getting some relief!
Coronavirus Relief & Resources 2021
Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers.
At Millennial Money we’re committed to helping you get through the coronavirus by sharing up to date resources for your financial and emotional well-being.
A lot is happening very quickly. There are a wide variety of grants, loans, and stimulus opportunities popping up daily and we’ll do our best to share the best resources for you here.
Please check back regularly for updates, as well as the links we’ve provided to each bank and institution for the most up to date information.
To learn more about what I’m personally doing and thinking about check out my post and podcast episodes peace in uncertain times and how I feel in this moment.
If you have any resource that we’ve missed please email emily @ millennialmoney dot com so we can evaluate adding it to this list.
Coronavirus Stimulus Checks
The CAREs Act is $2 trillion relief package designed to support individuals and businesses negatively impacted by the coronavirus pandemic. Under the relief package many Americans will get a cash grant of $1,200, which is completely free money from the government. While this is isn’t a lot of money, every bit helps.
There are some income limit restrictions on the stimulus checks, meaning if you make over a certain amount of money, then you might be eligible for a smaller amount or none at all. If you’ve filled out a tax return in 2018 and 2019 and included your direct deposit information, then the government will direct deposit the money into your bank account.
To learn more about the stimulus checks, to see if you qualify, and to see when you should expect yours, checkout our guide to the coronavirus stimulus checks.
Small Business Administration’s Paycheck Protection Program
The PPP or Paycheck Protection Program is a program within the CAREs Act that designates $350 billion to support small businesses and self employed workers. The intent of the program is to help businesses with fewer than 500 employees continue to pay their employees.
Eligible companies and people self-employed can apply for PPP through most banks for loans up to $10 million or $100,000 per employee. While these are loans, if your business uses the loan for eligible expenses between February 15, 2020, and June 30, 2020 and you have documentation, then part or all of the loan could be forgiven.
The SBA (Small Business Administration) is working closely with banks in the United States to determine the best way to apply for, evaluate applications, and distribute the PPP loans to those eligible. As of Monday April 6th, this is causing a lot of headaches and banks are struggling to build application systems and process applications. I applied for a PPP loan for Millennial Money through our business bank Chase on Friday April 3rd, but haven’t received any updates.
To learn more about whether you qualify, the guidelines, and how to apply for a PPP loan, check out our guide on the paycheck protection program.
Coronavirus Life Insurance: Are you covered?
While most people who get COVID-19 are making a full recovery, unfortunately over 10,000 people have already died in the United States. While the risks are still low for most people, if your family relies on your or your partner’s income to survive, it’s worth considering life insurance.
Less than 10% of all millennials are currently covered under a term life insurance policy, which is concerning, given that more and more millennials are starting families and have little saved. However, it’s never been easier to buy life insurance online and most companies are providing coverage for coronavirus related deaths.
While death is an uncomfortable topic, it’s important to protect your family in the event something happens to you. If you already have life insurance, you should see if you’re covered if you die from coronavirus. We’ve created a detailed article on the topic: Does life insurance cover coronavirus?
Bank Coronavirus Resources & Updates
Many banks are offering some type of coronavirus relief, but it’s often on a case by case basis, so it’s worth contacting your bank if you’re experiencing some form of financial hardship to discuss your options.
In the past I’ve had success calling up my credit card company and bank when I’ve accidentally missed a payment or two, and they’ve always removed the late payment and interest charges for those months.
Most credit card companies and banks will waive these fees if you just call and ask them to be removed. Sometimes the first person you call won’t remove them, but if you call back and talk to a few different people, eventually one will work with you.
Here are a few ways you might be able to get help and should ask for from your bank.
- Credit card limit increases
- Removal of any late, overdraft, or maintenance fees
- Loan payment deferral for the next 90 days
- Business loan or payment deferral options
- Home or auto foreclosure relief for the next 90 days
- Removal of CD early withdrawal penalties
- Mobile check deposit limit increases
- Mortgage hardship assistance
One challenge right now is that most banks and financial institutions are experiencing high call and chat volumes so wait times are long. Given this, most banks and financial institutions are recommending customers use their website to complete any transactions.
Unfortunately, given the quarantine recommendations at the national, state, and local level, most in-person bank branches are closed for the near future.
- No check, debit card, or overdraft fees on savings and money market accounts through July 16, 2020
- Car loans can be deferred for up to 120 days
- Mortgage payments can be deferred for up to 120 days
Visit Ally Bank Coronavirus (COVID-19) Resources page for most up to date information.
Customer service support number: 1-877-247-2559
Read our Ally Bank review.
- Contact them at the number on the bank of your credit card. American Express are providing relief on a case by case basis.
Visit the American Express Coronavirus (COVID-19) Resources page for up to date information.
Read our American Express Savings Account review and our favorite American Express credit cards.
Apple Credit Card
- Deferring March payments, contact them for further deferments
Customer service support number: 877-255-5923
Bank of America
- Payment deferral on a case by case basis for credit card and mortgage customers
- Allowing borrowers to skip a payment on their small business, personal, mortgage, and home equity loans. The deferred payments then get added to end of the loan term.
- Refund of late, overdraft, insufficient fund, and maintenance fees
Visit the Bank of American Coronavirus (COVID-19) Resource page for the latest updates.
Phone number: 1-800-432-1000
- Refunds of overdraft fees can be requested
- ATM fee waivers can be requested
- Penalty-free CD withdrawals can be requested
Visit the BBVA USA Coronavirus (COVID-19) Resources page to get up to date information.
Customer service phone number: 844-228-2872
Read our BBVA USA review.
- Capital One is advising customers who are struggling to make their payments to contact them and stating that financial relief is available for all customers.
Visit the Capital One Coronavirus (COVID-19) Resources page to get up to date information.
Capital One contact information
- Deferred payments on personal, business, and mortgage loans are being considered on a case by case basis
- Removal of overdraft, insufficient fund, and maintenance fees on a case by case basis
- Currently working to implement SPP loan program for small businesses
Visit the Chase Coronavirus/COVID-19 Resources page or the Chase Coronavirus small business resources page for up to date information
Read our Chase Bank review and see our favorite Chase credit cards.
- $1M community commitments to help those impacted by COVID-19 in NY, LA areas. With half of the funding going toward non-profits assisting small businesses in CA. CIT Bank press release.
- Fee waivers for consumers and small businesses
- Business bankers are taking calls after hours and on weekends. Contact your business banker if you have questions.
- Mortgage hardship assistance may be available
Cumberland Valley National Bank
- 90 day deferment of loan payments for it’s small business customers
Visit the Cumberland Valley National Bank Coronavirus (COVID-19) Resource page for up to date information
- Financial hardship available on a case by case basis, contact them to discuss your personal situation
- Not reporting late payments to the credit bureau
Visit the Discover Coronavirus (COVID-19) Resource page to learn more.
Customer service phone number: 800-347-7454
Read our Discover bank review and see our favorite Discover credit cards.
Fifth Third Bank
- Contact Fifth Third to get access to their relief programs
- Deferred payments up to 90 days are available for vehicles, mortgages, and other loan types.
- No late fees on credit card, mortgages, and home equity loans for 90 days
- Select business banking fees can be removed over the next 90 days
- They’ve suspended all foreclosures and vehicle repossessions for the next 60 days
Visit Fifth Third’s Coronavirus (COVID-19) Resources page for up to date information.
Fifth Third have also put together a great guide on how you can take advantage of your government stimulus benefits.
Customer service phone number: 866-601-6391
- Relief on a case by case business. Customers are advised to contact an HSBC relationship manager to discuss your situation.
- HSBC will be directing $25 million in funding globally to those most impacted by this crisis, including donating food in the U.S. through Feeding America
Visit the HSBC USA Coronavirus (COVID-19) Resources page for more information.
Customer service phone number: 866-949-2351
- Personal, home, auto, and consumer loan payments for up to 90 days with no credit score impact
- Credit card payment deferral options through April 2020
- Late fees on business credit cards and loans waived through May 2020
- Deferral of business loans for 90 days
- Contact Huntington Bank to discuss your personal situation
Visit Huntington Bank’s Coronavirus Resources page for up to date information.
Customer service phone number: 1-800-480-2265
Marcus by Goldman Sachs
- 30 day loan payment deferral with interest waived and payment moved to the end of the loans
- Waving early withdrawal penalties on all CDs
- Call to discuss your personal situation
Visit the Marcus by Goldman Sach’s Coronavirus relief page for up to date information.
Customer service phone number: Savings: 1-855-730-7283 and Lending: 1-844-627-2871
- Deferral of auto loan, personal loan, credit card, mortgages, home equity loans, and student loan payment for up to 90 days
- Small business loans and more are also available, including access to the government’s SPP program
- Contact PNC bank to discuss your personal situation
Visit PNC Bank Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-888-762-2265
- Late payment and overdraft fee refunds
- Waiving early withdrawal penalties
- Credit card increases are available
- No foreclosures are happening
- Business loan term negotiation
Visit Santander Bank’s Coronavirus (COVID-19) Resources page for up to date information.
Consumer customer service phone number: 844-728-0999
Small business customer service phone number: 877-768-1145
- Potential payment deferment and removal of late and overdraft fees for both consumer and small business customers
- Potential removal of CD early withdrawal penalties
- Contact TD bank or you personal banker to discuss your personal situation
Visit TD Bank’s Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-888-751-9000
- Loan and credit card payment deferrals and interest removal
- Options determined on a case-by-case basis
- Mortgage loan deferment
Visit Truist Bank’s Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-800-226-5228
- Waiving many fees, including overdraft and late payment fees
- Offering lower cost personal and business loans
- Offering a new 0% APR credit card
- Contact U.S. Bank to discuss your personal situation
Visit US Bank’s Coronavirus (COVID-19) Resource page.
Customer service phone number: 1-888-287-7817
- 90 day deferral for home loans for anyone who asks,
- Offering other fee waivers and payment deferrals on a case-by-case basis
Visit Wells Fargo’s Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-800-219-9739
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As the coronavirus pandemic spreads, the government and a number of mortgage lenders are stepping in to provide relief measures for homeowners and renters.
The COVID-19 outbreak has brought normal life to a screeching halt in the United States, prompting countless business closures and leaving millions of Americans suddenly out of work.
To ease the financial strain, many federal agencies and private lenders are offering help to people having trouble paying their mortgages.
If you’re having trouble paying your mortgage due to job loss or illness related to the coronavirus, assistance may be available.
We’ve gathered info for you from a range of lenders — but first let’s walk through some basics.
Who owns your mortgage?
Before you can determine if you’re eligible for mortgage relief, you need to know who owns your home loan. Keep in mind that this might be different from the company you send your payments to — known as your servicer.
Many mortgages are owned by government-sponsored entities Fannie Mae and Freddie Mac. To find out if your mortgage is owned by one of these, simply go to Fannie Mae’s or Freddie Mac’s lookup pages and enter your name, address and last four digits of your Social Security number.
If you don’t find your mortgage there, you’ll need to contact your mortgage servicer. In many cases, you can simply call the company listed on your monthly mortgage statement. The phone number should also be listed.
If you’re still unsure who owns your loan, you can send a written request to your loan servicer. It’s legally obligated to tell you the name, address and telephone number of the loan’s actual owner. The Consumer Financial Protection Bureau offers a sample letter you can send.
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Federal mortgage debt relief
If your loan is owned by Fannie or Freddie, your mortgage servicer is required to evaluate you for a forbearance plan of up to 12 months if you’ve run into financial difficulty due to COVID-19, such as job loss, reduction in work hours or illness. The servicer is not required to obtain documents demonstrating your hardship.
Forbearance allows you to temporarily pause or reduce your mortgage payments during a period of financial difficulty. You pay the difference at a later date.
Under the FHFA’s coronavirus relief plan, your servicer is required to work with you on a mortgage modification by the time your forbearance period is over so that you can afford your new monthly payments. It also must suspend foreclosures and evictions through at least mid-May.
If your loan is owned by Fannie Mae, you can contact your loan servicer or the enterprise’s Disaster Response Network for individual attention. Freddie Mac asks borrowers to contact their loan servicer directly for help.
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Private mortgage lender relief programs
If your mortgage isn’t owned by Fannie Mae or Freddie Mac, there still might be some relief available.
Keep in mind that your bank or other initial mortgage lender may have sold off your loan at some point after it was originated. So just because you took out a mortgage through one company doesn’t mean it currently owns your loan. Your monthly mortgage statement will show you who to contact.
Below is a list of private mortgage lenders and info on assistance they’re offering, along with eligibility requirements. We’ll continue to update this list as we gather new information.
It’s important to note that some states and local governments have enacted moratoriums on evictions and foreclosures, which would apply even if your specific lender or servicer isn’t offering relief measures. Check your state and local government websites to see if a moratorium has been enacted where you live.
What it’s offering: Ally Bank, which offers mortgage service support every day, may be able to offer assistance if you are facing financial hardship because of an interruption of income. Options include a repayment plan or full loss mitigation modification. Additionally, customers who live in Oregon, the District of Columbia or Massachusetts may also have the option to request forbearance. If you are currently active in forbearance and your circumstances haven’t changed, you may contact the bank at 1-866-401-4742 to discuss your options.
Eligibility: You’ll need to contact Ally to determine the assistance you’re eligible for. Support by phone is available, but the bank recommends you apply for help online to avoid long wait times.
Bank of America
What it’s offering: If you are experiencing financial hardship because of the coronavirus, Bank of America can provide payment deferrals or forbearances for up to three months or longer. For both, payment dates are delayed and there won’t be any late charges. Though payments aren’t forgiven or erased, the bank will work with you on payment options
Eligibility: If Bank of America owns your loan, it may be able to provide a payment deferral or payment forbearance. If the government owns or insures your loan, the bank will follow their guidelines and offer you a payment forbearance. You can submit a request online or call 1-800-669-6607 for more information.
What it’s offering: Chase’s COVID-19 response page recommends that you keep paying your mortgage if you’re able to do so. Customers affected by the coronavirus can log in to their account and enroll in a payment relief program. Eligible borrowers won’t have to make mortgage payments for an initial three-month period, which can be extended for additional months.
Eligibility: To learn more about coronavirus-related assistance, call 1-888-356-0023. Chase says members of the military who have been activated to respond to a disaster should call Chase’s military services hotline at 1-877-469-0110 to see what additional benefits might be available.
What it’s offering: Citi is offering a slate of mortgage assistance programs through its servicing company, Cenlar FSB. Home loan customers experiencing hardship may be eligible for a 90-day forbearance. In addition, foreclosures and evictions have been paused. See Citi’s COVID-19 response page for more information.
Eligibility: If you’re a Citi mortgage customer, contact Cenlar FSB at 1-855-839-6253 to see if you’re eligible for assistance.
Fifth Third Bank
What it’s offering: Fifth-Third Bank is offering 180-day forbearance plans. And while interest will still accrue during forbearance, there won’t be any late fees. Customers have three options at the end of the forbearance period: Make a lump sum payment after the forbearance period expires; agree to a repayment plan with the bank’s hardship team; or to be considered for a plan to move missed payments to the back of the loan, extending the loan term. For more information, visit Fifth-Third Bank’s COVID help and resources page.
Eligibility: You’ll need to contact Fifth Third to see if you’re eligible for assistance. You can do so by calling the bank at 1-866-601-6391 or sending a secure message through the bank’s online portal.
What it’s offering: Flagstar Bank is offering six-month forbearance plans for mortgage customers facing financial hardship because of COVID-19. (Though take note that the bank doesn’t say whether interest will accrue during that time.) Customers who opt in to this plan will have late fees waived for at least 180 days and negative credit reporting suspended for the same period of time.
Eligibility: You can request a forbearance with Flagstar online.
What it’s offering: For home loan customers affected by COVID-19, HSBC is offering assistance with payments, including deferrals, reductions and late-fee waivers. Visit the bank’s COVID response page for more information.
Eligibility: You’ll need to call the bank at 1-855-806-4657 to discuss your situation and eligibility requirements.
What it’s offering: Mortgage customers experiencing financial hardship because of COVID-19 can apply for assistance. The lender says you may be able to postpone your monthly payment with no late fees during the postponement period. Visit PNC’s Mortgage Payment Hardship Request to apply.
Eligibility: Mortgage customers affected by COVID-19 do not need to provide documents to apply for the temporary financial hardship payment forbearance program. Borrowers will need to provide their full mortgage account numbers when completing the form.
Rocket Mortgage by Quicken Loans
What it’s offering: If you’re unable to make your payments because of COVID-19, you can enroll in a forbearance program to pause your mortgage payments for up to 12 months. At the end of the forbearance period, you’ll be able to pay with a lump sum, repayment plan or loan modification that finances the deferred amount — or you can request to extend the forbearance. Rocket Mortgage’s COVID-19 Resource Guide provides additional information and links for customers to apply for mortgage assistance.
Eligibility: You can apply for assistance through your online Rocket Mortgage account.
What it’s offering: TD Bank is offering forbearance plans, which allow borrowers to defer payments. It may also waive late fees on certain residential mortgages and home equity loans or lines of credit for customers affected by the coronavirus. You can visit their COVID-19 updates page to learn more and get in touch.
Eligibility: You’ll need to call 1-800-742-2651 to see if you’re eligible.
What it’s offering: Truist may consider customers for a mortgage forbearance plan. If your mortgage is federally backed and eligible for forbearance relief under the CARES Act, you may extend your forbearance for up to a year. Besides forbearance, you may also be eligible for payment deferral or a loan modification. You can apply for payment relief online or visit Truist’s COVID-19 help center for additional support.
Eligibility: You’ll need to call the bank to see what you’re eligible for. Legacy SunTrust customers should call 1-800-443-1032 and legacy BB&T customers should call 1-800-827-3722.
What it’s offering: U.S. Bank is offering forbearance plans of up to 180 days if you’re facing financial hardship due to the pandemic. Other options include a repayment plan or loan modification. You can visit U.S. Bank’s assistance page to get started on a mortgage assistance plan.
Eligibility: Customers are encouraged to take advantage of the online mortgage assistance process. To speak with a loan specialist, call 1-800-365-7900.
What it’s offering: Wells Fargo is offering to suspend mortgage payments for up to six months for customers hit by financial difficulties related to COVID-19. The lender will check in with you in three-month increments to review your financial situation. Once the suspension period is over, Wells Fargo will work with you to see if you need a longer suspension or loan modification, or if you can move the payments to the end of the loan. If your mortgage is covered by the CARES Act, you are able to request an additional six months of payment suspension for a total of 12 months. FAQs and additional mortgage payment information can be found on its COVID-19 update page.
Eligibility: To see if you’re eligible for assistance, sign into your online banking account and send a note through the secure message center. Wells Fargo says a bank representative will get back to you within three to five days.
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This list doesn’t cover every mortgage lender and servicer. If you don’t see yours, that doesn’t mean help isn’t available.
If you’re worried about your ability to make mortgage payments right now and aren’t sure what your lender is doing to help, we recommend checking your lender’s website or calling its customer service number to discuss your options, including forbearance or other payment deferrals. You should also check with your state and local government authorities to see if evictions and foreclosures are suspended in your area. Our compiled list of government relief measures might be a good place to start.
Home insurance relief
If you’re looking for other ways to cut costs, your homeowner’s insurance issuer might also be willing to work with you. Reach out to your insurer to see what it may be offering.
Property tax relief
If you’re concerned about being able to pay your property tax, relief may be available in your area. Homeowners generally pay property taxes to the municipality, county or state where they own property.
Keep in mind that it’s possible to have more than one governing body assessing taxes on your property. Contact local tax authorities to learn if any relief programs are available in your area. Not sure who to contact? Try starting with your county tax assessor’s office.
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