Need a Mortgage Break During the Pandemic? Here’s How to Get One

During the pandemic, the federal government and multiple banks have promised not to take your home away. But some of them are also promising to cut you some slack on what you owe for up to a year.

Here’s what the government and the country’s largest mortgage lenders are doing for their customers during COVID-19.

Federal mortgage loans

About 30 million Americans’ mortgages are backed up by the government. If your loan is taken out through Fannie Mae or Freddie Mac, you could get the following benefits:

• No foreclosures or evictions until May 17
• A forbearance plan that could suspend your mortgage for 12 months and wipe away late fees
• No negative credit bureau reports
• A loan modification option for lower monthly payments

You have to call to opt-in, though. Contact Fannie Mae at 1-800-232-6643 and Freddie Mac at1-800-373-3343.

And if you have any other Federal Finance Housing Agency mortgage loans, such as one from the 11 Federal Home Loan Banks dotted across the country, you can receive similar, but less specific, benefits as well:

• No foreclosures or evictions until May 17
• No negative credit bureau reports
• No late fees
• Short-term payment deferrals

To see what you can get, contact your Federal Home Loan Bank or other government mortgage provider.

Private mortgage loans

Although the government backs a good chunk of American mortgages, there are still 40 million renters and 5 million homeowners who depend on private loans to pay for their homes.

Here’s what ten of the country’s top private mortgage lenders have to offer during the pandemic.

1. Wells Fargo

Holding almost 5% of the mortgage market with over $84 billion in loans, Wells Fargo is offering some breaks for its mortgage customers. By calling 1-800-869-3557, you can find out if you’re eligible for fee waivers, payment deferrals or “other expanded assistance.”

2. Quicken Loans 

Rocket Mortgage by Quicken Loans is telling its customers that they can apply for postponed payments lasting at least three months. After that time, the company will reevaluate the situation and decide whether to extend the postponement further.

After this period, customers can pay their loan off in three ways — paying it all at once, continuing the same plan with slightly higher monthly payments to make up for lost time, or modifying the loan altogether.

Fill out this application to see if you’re eligible.

3. JPMorgan Chase Bank  

If you have a loan owned by JPMorgan Chase, you may be able to miss payments for up to 90 days. If you’re still unable to pay by the end of the period, you can also enroll in mortgage assistance programs.

Log in here to request payment assistance.

4. Bank of America

Bank of America customers can request a payment deferral, although the bank doesn’t specify how long the break will last. To apply, sign in here.

5. LoanDepot

Like Bank of America, LoanDepot is vague about what benefits you may be able to nab. It only says that you may be eligible for assistance if you have experienced illness, quarantine, lay-offs or reduced hours and office or school closures due to the pandemic.

To find out if you qualify, call 866-258-6572.

6. U.S. Bank 

U.S. Bank is potentially offering a longer period of time than most to suspend mortgage payments — 180 days. You won’t be charged any late fees, either.

If you still can’t pay after that period is over, you may be able to get an additional 180-day suspension, a new repayment plan, or a loan modification.

One option is a hardship loan modification, which allows you to roll interest and escrow shortage from existing payments into the existing loan. You may be able to get an interest-rate reduction to have the loan term extend as well.

If you need to sell your home, U.S. Bank has options for that too. You can get a short sale, where the lender discounts the loan balance when the home is sold, or a deed in lieu of foreclosure, in which you give your home back to the lender to satisfy the loan.

To request assistance, log in here.

7. Caliber Home Loans 

Unlike U.S. Bank, Caliber Home Loans doesn’t offer any concrete solutions to your pandemic-related financial problems. However, it does ask for customers to reach out at 1-800-401-6587 to see how the company may be able to help.

8. Flagstar Bank 

Flagstar Bank is offering a wide array of options for its customers, starting with a 180-day late fee waiver and a promise to stop all negative credit reporting.

Customers can also opt into a six-month payment delay plan. If you’re still struggling by the end of the term, you may be able to modify or extend the loan terms.

Until May 31, Flagstar is also suspending all foreclosures, evictions, and repossessions on properties. Like U.S. Bank, you can also opt in to a short sale or deed in lieu of foreclosure.

To request a delayed mortgage payment, fill in this form. To discuss any other benefits, call 1-800-393-4887.

9. Freedom Mortgage 

Freedom Mortgage isn’t offering any payment postponements, but it does point to a grace period. If your payment is due on the first of the month, you won’t be charged a late fee until the 15th.

You can also request a late charge waiver or apply for a loan modification in which the interest or maturity rate can change by calling 855-690-5900.

10. Navy Federal Credit Union 

The Department of Veterans Affairs is urging lenders to give veterans a break on financial services, and Navy Federal Credit Union is listening.

Navy Federal is offering 90 days of mortgage payment suspension. Late fees will be waived, and your credit won’t be punished.

If you want to request the deferment or need more than three months, log in to your account here to request assistance.