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Thread: Important Notice for Homeowners; Mortgage Payment Hardships due to COVID-19

  1. #1
    Moderator Kinsm's Avatar
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    Jul 2017

    Important Notice for Homeowners; Mortgage Payment Hardships due to COVID-19

    ---If you're a homeowner and have not paid off your mortgage please read the following if you are now suffering financial hardships, or believe that you may suffer financial hardships in the future, due too lost income because of the coronavirus outbreak.

    Depending on your situation, you should be eligible to have your mortgage payments reduced or suspended for up to 12 months.

    Federal regulators (FHFA), through the mortgage giants Fannie Mae and Freddie Mac, are ordering mortgage lenders to offer homeowners flexibility when it comes to mortgage payments. The move covers about half of all home loans in the U.S. — those guaranteed by Fannie and Freddie. But regulators expect that the entire mortgage industry will quickly adopt a similar policy.

    Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments of their mortgage loan. That forbearance of payment is for up to 12 months, depending on your particular situation (they could conceivably extend maximum time-length in the future).

    Homeowners can't just stop paying their mortgage. You'll need to contact your particular mortgage lender (the bank or institution you send the check to every month). You're lender is now required by law to work with you; to work out a restructured payment plan. in the short term all you'll have to do is verbally testify to your lender that you are under financial distress due to coronavirus. However, further down the road, you will have to prove that hardship through documentation of income loss.

    This is not a forgiveness of debt or free money. Homeowners will work out a repayment plan once they recover financially. In most cases this will involve just extending the term of the loan, but could be done in a number of ways (like increasing your current monthly payment over the life of the loan).

    In addition, Fannie and Freddie are directing lenders not to report people to the credit bureaus for late or missed payments if they are in one of these forbearance plans.

    *These moves don't do anything to help renters, but the federal government is working on a stimulus package that will hopefully offer financial assistance to renters as well (so stay attentive to the bills the senate/house pass and president signs in the near future). Many municipalities are already halting evictions for people who can't pay rent.


    North (03-23-2020)

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  4. #2
    Member North's Avatar
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    May 2019
    Reading is fundamental.

    Re: Important Notice for Homeowners; Mortgage Payment Hardships due to COVID-19

    Many of us in Ohio bank with Fifth Third Bank, here is an email from them dated 032120 explaining changes:


    Staying open for business
    while taking measures to help everyone stay healthy

    We always appreciate the opportunity to serve our customers in person, and we know that having access to your banker and your money is more important now than ever. In these uncertain times, the health of our customers and our employees is our top priority. To that end, we are putting several temporary measures in place to continue to serve you while doing our part to help stop the spread of the coronavirus pandemic.
    For simpler banking transactions, we're asking customers to use our drive-through services, as well as online and mobile banking. 1 Starting Saturday, March 21, branch lobbies will be open to serve customers by appointment only. You can make an appointment online or by calling your local Fifth Third branch.

    Adjusted Bank Mart ® hours
    Our Bank Marts located inside retailers will remain open, offering the same services and support that they always have. However, their hours will change to 10 a.m.—4 p.m., Monday—Saturday.

    Remember: You can bank anytime, anywhere with Fifth Third online banking and our mobile app. 1 Check your accounts, make deposits, transfer funds, see your statements, make payments, send money
    and more. 2, 3

    New to online and mobile banking? It's easy to get started. For online banking, you can sign up here. You can also download our mobile app in the App Store and Google Play.

    Coronavirus hardship and loan payment assistance
    Finally, if you're experiencing financial hardship due to coronavirus and need our help regarding your Fifth Third mortgage, home equity line or loan, auto loan or credit card, we can help. For details, visit 53.com/COVID19.

    We appreciate your understanding. Protecting your health, safety and security are our top priorities. These times may be unprecedented, but our commitment to serving our customers’ banking needs remains the same as it has since 1858.

    As always, thank you for choosing Fifth Third—and stay safe.

    Best regards,

    Brian Lamb
    Executive Vice President
    Head of Retail Banking and Retail Brokerage
    Fifth Third Bank
    Last edited by North; 03-23-2020 at 11:33 PM.

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