29 banks that can help with mortgage payments during coronavirus

  • If you’ve been financially affected by COVID-19, your bank can help by staying foreclosures, offering deferral programs, and removing late fees.
  • We have provided a list of 29 banks that are helping clients 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 their website or call directly anyway – your institution can provide some sort of help.
  • Learn more about personal finance coverage »

If you lost your job due to the COVID-19 pandemic, you may be having a hard time understanding how to pay your mortgage payments.

Should you refinance for lower monthly payments? Should you risk damaging your credit score by signing up for deferral? Will you have to foreclose on your house?

Fortunately, many banks offer help to customers who have been financially impacted by COVID-19. Many offer deferral programs, waive late fees, suspend foreclosures, and promise not to report missed payments to credit bureaus.

Find out how your bank is ready to help. If your bank (or credit union) isn’t on this list, call a representative to discuss your options.

Banks that can help you with your mortgage payments during the COVID-19 outbreak

Allied bank

You can defer mortgage payments through Ally for up to 120 days. The deferral begins the day you contact Ally.

Ally will not charge late fees and skipped payments will not affect your credit score. However, interest will continue to run.

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

Bank of America

Bank of America allows customers to defer payments for up to 90 days, and missed payments are added at the end of the loan term. Your credit score will not be affected.

Bank of America is suspending evictions, repossessions and foreclosure sales for those affected by the coronavirus.

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

BMO Harris

BMO Harris offers mortgage payment relief. You can fill in a exemption request form or contact the bank directly for further 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 must pay the amount you missed at the end of the 90 day period. If this seems difficult, contact Quicken Loans to discuss the loan modification.

Deferred payments will not affect your credit score, but interest will continue to accrue.

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

chase away

Chase offers mortgage payment assistance. You can register by fill out an online form or by calling 1 (888) 356-0023.

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

CIT

CIT does not foreclose homes or evict homeowners who cannot pay at the moment. To request a mortgage forbearance, dial 1 (800) 781-7399.

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

Citi

Citi offers a variety of mortgage difficulty 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 offers mortgage payment assistance for up to 90 days with no late fees. The bank will not report late or missed payments to credit bureaus for mortgages or any other product.

The bank automatically suspends the 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 offers payment assistance. Call 1 (888) 444-9876 to speak to a representative.

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

Discover

You can call 1 (855) 295-2193 to speak to a representative about the impact of your financial difficulties on your mortgage payments.

Learn more about Discover’s response to COVID-19 here.

East West Bank

East West Bank offers mortgage payment relief options. You can ask for help on the mortgage owner help page.

Learn more about the eastern West Bank’s response to COVID-19 here.

Fannie Mae / Freddie Mac

You can apply for up to 12 months in total from government lenders Fannie Mae and Freddie Mac. Request up to 180 days as the initial forbearance period – and a 180-day extension if you’re still having trouble after the initial period ends.

As of July 1, 2020, you can choose a new deferred repayment option for mortgages guaranteed by Fannie Mae and Freddie Mac. Ask to pay off the deferred amount all at once when you sell or refinance the house, or when you fully pay off the house.

Learn more about Fannie Mae and Freddie mac’s responses to COVID-19.

Fifth Third Bank

You can request forholding mortgage payments for up to 180 days from Fifth Third Bank. You will have to pay the amount you missed at the end of the forbearance period.

You can choose to pay the full amount all at once, set up a repayment plan, or request to be assessed for a loan modification plan. Loan modification allows you to move skipped payments until the end of the loan term.

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

HSBC

You can request a postponement or reduction of mortgage payments from HSBC, and the bank waives late fees for those affected by the coronavirus. Your credit score will not be affected.

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 won’t have to add payments at the end of your loan term.

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

M&T Bank

M&T Bank offers mortgage payment assistance. You can submit your financial information on the Home Equity and Mortgage Repayment Help Page.

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

Federal Navy Credit Union

You can apply for mortgage forbearance by calling 1 (800) 258-5948 or sending a secure message to Navy Federal Credit Union from your online account. You can request an extension if you are still having financial difficulties at the end of the forbearance period.

You have several options for refunding missed payments. You can pay a lump sum after the forbearance period is over, spread the amount over the rest of your monthly payments, or add payments until the end of your loan term.

The Navy Federal Credit Union will not charge late fees or penalties. It will also not report late or missed payments to credit bureaus.

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

Community Bank of New York

The New York Community Bank is offering 90-day mortgage forbearance to customers who have been financially affected by the coronavirus.

You may be eligible for a modified mortgage program. This program could include a trial period for the first three or four months.

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

PNC Bank

PNC Bank will allow you to suspend mortgage payments for up to 90 days. You will not have any late fees.

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

Bank of regions

You can suspend mortgage payments for up to 90 days. Call 1 (800) 748-9498 or visit mortgage payment help page to learn more about the deferral process.

Learn more about regions’ response to COVID-19 here.

Rocket Mortgage by Quicken Loans

Rocket Mortgage allows you to sign up for forbearance for up to three months – after the initial forbearance period ends, you can request an extension for up to an additional nine months, or 12 months in total.

If you want an extension, Rocket Mortgage will register monthly and grant extensions in three month increments.

You can choose to repay the deferred amount in one lump sum or sign up for a special loan repayment or modification plan.

Learn more about Rocket Mortgage’s response to COVID-19 here.

Santander Bank

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

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

TIAA Bank

If your family has been financially affected by the coronavirus, you may qualify for temporary forbearance through TIAA Bank. You will not incur late fees and forbearance will not hurt your credit score.

The TIAA Bank is also suspending foreclosures until May 17.

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

TD Bank

TD Bank offers mortgage payment deferrals and late fees waiver. 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 sign up for forbearance for up to 90 days through Truist. If you are still having trouble making payments at the end of the 90 day period, you can request a payment change.

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 withhold mortgage payments or pay a reduced amount for up to three months. Union Bank will not charge late fees and will not report forbearance to credit bureaus.

Union Bank offers options to extend 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.

American Bank

You can suspend mortgage payments for up to 180 days without paying late fees.

Learn more about the US bank’s response to COVID-19 here.

Webster Bank

Webster offers mortgage payment deferral options. The company is suspending residential foreclosures for 90 days.

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

Wells fargo

Wells Fargo offers mortgage payment deferrals and waiver fees. The bank is suspending foreclosure sales and evictions for customers affected by the coronavirus.

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

This article is updated as we learn about bank relief policies.

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