COVID-19: LENDER INFORMATION

Deferrals are not Guaranteed

Deferred Payments are offered at the lender’s sole discretion. Deferral requests are approved by lenders on a case by case basis. You must be able to demonstrate true financial hardship.

Communication is Key

If you are about to miss a payment call your lender immediately. Let the lender know your situation. If you can not get through on the phone lines send your lender an email. If you can show you tried to notify them in advance many lenders will waive NSF fees.

If you are not in immediate distress do not call your lender

Phone lines are jammed and lenders are prioritizing deferral requests If you have the ability to make your next payment delay calling your lender until you know you will not be able to make your next payment. It is advisable to check if your lender has customer service email addresses through which requests can be made.

Other options may be available

Check with your lender to see if your mortgage has skip- a-payment/hold-a-payment privileges or if there is an opportunity to refinance your current mortgage (subject to qualification) or restore your original amortization, effectively lowering your payment amount.

Deferral programs are not payment forgiveness

Mortgage deferral means that payments are skipped for a defined period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage. The added interest is incorporated into the monthly payment, either when payments resume at the end of the deferral period or upon renewal at the end of the mortgage’s term, depending on the specific lender program.

Protecting your Credit Score

A lender approved mortgage payment deferral will not register as a missed payment and will not affect your credit score.

Mortgage Deferral is for the Mortgage Payment Only

Tax and Insurance Premium payment deferrals are separate from Mortgage payment deferrals. Contact your municipality and insurance company separately to find out what programs they are offering.

Rental Property Investors may be eligible

If you own an investment property and your tenants are unable to make their rent payments, you may be eligible for deferral.

It is advisable to encourage your tenants to apply government tenant relief programs that are available.

Please be patient if and when you contact your lender. Remember that they are doing their best to address everyone’s questions and concerns. Stay safe and positive. Be kind. We’re all in this together.