- 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.
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
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.
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.
BMO Harris offers mortgage payment relief. You can fill in a exemption request form or contact the bank directly for further questions.
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.
Chase offers mortgage payment assistance. You can register by fill out an online form or by calling 1 (888) 356-0023.
CIT does not foreclose homes or evict homeowners who cannot pay at the moment. To request a mortgage forbearance, dial 1 (800) 781-7399.
Citi offers a variety of mortgage difficulty programs. You can call its service provider, Cenlar FSB, at 1 (855) 839-6253.
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.
Comerica offers payment assistance. Call 1 (888) 444-9876 to speak to a representative.
You can call 1 (855) 295-2193 to speak to a representative about the impact of your financial difficulties on your mortgage payments.
East West Bank
East West Bank offers mortgage payment relief options. You can ask for help on the mortgage owner help page.
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.
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.
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.
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.
M&T Bank offers mortgage payment assistance. You can submit your financial information on the Home Equity and Mortgage Repayment Help Page.
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.
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.
PNC Bank will allow you to suspend mortgage payments for up to 90 days. You will not have any late fees.
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.
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.
Bank Santander suspends mortgage foreclosures. Call 1 (844) 728-0999 to speak to a representative.
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.
TD Bank offers mortgage payment deferrals and late fees waiver. You can call 1 (800) 742-2651 for more information.
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.
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.
You can suspend mortgage payments for up to 180 days without paying late fees.
Webster offers mortgage payment deferral options. The company is suspending residential foreclosures for 90 days.
Wells Fargo offers mortgage payment deferrals and waiver fees. The bank is suspending foreclosure sales and evictions for customers affected by the coronavirus.
This article is updated as we learn about bank relief policies.