Bank of America is the first big bank to accept SBA Paycheck Protection Program loan applications - Fortune

Bank of America is the first big bank to accept SBA Paycheck Protection Program loan applications - Fortune


Bank of America is the first big bank to accept SBA Paycheck Protection Program loan applications - Fortune

Posted: 03 Apr 2020 12:00 AM PDT

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27 banks that may help with your mortgage payments during the COVID-19 outbreak - Business Insider - Business Insider

Posted: 14 Apr 2020 02:02 PM PDT

  • 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 27 banks that are helping customers with mortgage payments during 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

Ally Bank

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.

Learn more about Ally's response to COVID-19 here.

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 coronavirus.

Learn more about Bank of America's response to COVID-19 here.

BMO Harris

BMO Harris is offering relief for mortgage payments. You can fill out a request relief form or contact the bank directly with more questions.

Learn more about BMO Harris' response to COVID-19 here.

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.

Learn more about Charles Schwab's response to COVID-19 here.

Chase 

Chase is offering mortgage payment assistance. You can enroll by filling out a form online or by calling 1 (888) 356-0023.

Learn more about Chase's response to COVID-19 here.

CIT

CIT is not foreclosing on homes or evicting homeowners who cannot pay at this time. To request mortgage forbearance, call 1 (800) 781-7399.

Learn more about CIT's response to COVID-19 here.

Citi

Citi is providing a variety of mortgage hardship programs. You can call its service provider, Cenlar FSB, at 1 (855) 839-6253.

Learn more about Citi's response to COVID-19 here.

Citizens Bank

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 mortgages or any other products.

The bank is automatically pausing foreclosure for up to 60 days. You don't need to contact Citizens Bank to request a foreclosure extension.

Learn more about Citizens Bank's response to COVID-19 here.

Comerica Bank

Comerica is offering payment assistance. Call 1 (888) 444-9876 to speak with a representative.

Learn more about Comerica's response to COVID-19 here.

Discover

You can call 1 (855) 295-2193 to speak with a representative about your financial hardship's impact on your mortgage payments.

Learn more about Discover's response to COVID-19.

East West Bank

East West Bank is offering mortgage payment relief options. You can request support on the mortgage homeowners assistance page.

Learn more about East West Bank's response to COVID-19 here.

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.

Learn more about Fifth Third Bank's response to COVID-19 here.

HSBC

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.

Learn more about HSBC's response to COVID-19 here.

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.

Learn more about Huntington's response to COVID-19 here.

M&T Bank

M&T Bank is offering mortgage payment assistance. You can submit your financial information on the mortgage & home equity repayment assistance page.

Learn more about M&T Bank's response to COVID-19 here.

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.

Learn more about Navy Federal Credit Union's response to COVID-19.

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.

Learn more about New York Community Bank's response to COVID-19 here.

PNC Bank

PNC Bank will let you pause mortgage payments for up to 90 days. You will not incur any late fees.

Learn more about PNC Bank's response to COVID-19 here.

Regions Bank

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.

Learn more about Regions' response to COVID-19 here.

Santander Bank

Santander Bank is pausing mortgage foreclosures. Call 1 (844) 728-0999 to speak with a representative.

Learn more about Santander's response to COVID-19 here.

TIAA Bank

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.

Learn more about TIAA Bank's response to COVID-19 here.

TD Bank

TD Bank is offering mortgage payment deferrals and waiving late fees. You can call 1 (800) 742-2651 for more information.

Learn more about TD Bank's response to COVID-19 here.

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.

Learn more about Truist's response to COVID-19 here.

Union Bank

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.

Learn more about Union Bank's response to COVID-19 here.

US Bank

You can pause mortgage payments for up to 180 days without facing late fees.

Learn more about U.S. Bank's response to COVID-19 here.

Webster Bank

Webster is providing options for mortgage payments deferrals. The company is pausing residential foreclosures for 90 days.

Learn more about Webster's response to COVID-19 here.

Wells Fargo

Wells Fargo is offering mortgage payment deferrals and waiving fees. The bank is pausing foreclosure sales and evictions for customers affected by the coronavirus.

Learn more about Wells Fargo's response to COVID-19 here.

This piece is being updated as we learn about banks' relief policies.

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