I can’t afford to make my mortgage payment because of COVID-19. What options are available for me?
If you’re eligible, we can offer a forbearance that temporarily suspends your mortgage payment requirements. Please contact us at our toll free number 1-800-258-5948, Monday-Friday, 8 am - 9 pm, ET or send us a secured message for additional information regarding the forbearance or to request the forbearance.
If I take advantage of the mortgage forbearance program, how are the payments paid back?
At the end of the forbearance period, the missed payments will either be spread throughout the remaining term of your loan or added to your last scheduled mortgage payment. You may also choose to pay back the payments at the end of the forbearance period. You’ll be contacted by one of our specialists before the end of the forbearance period to review your options.
What if I need more time than the initial term of the mortgage forbearance?
If at the end of the initial Forbearance Plan period, you're still impacted, we may be able to extend the Forbearance Plan for a longer duration. You may request an extension of the forbearance period by contacting us at our toll free number 1-800-258-5948, Monday-Friday, 8 am - 9 pm, ET or by sending us a secured message.
Will my credit be negatively impacted during the payment suspension period (forbearance plan)?
During the payment suspension period of your Forbearance Plan, we’ll report the loan as current, if your loan was current before forbearance started. If your loan was delinquent before entering forbearance, we’ll maintain your delinquent status. If you’re able to bring the loan current, we’ll report it as current. We cannot advise on any impact to your credit rating.
Will late fees be assessed during the payment suspension period (forbearance plan)?
Late fees will be waived once the plan is completed, even though your loan may still show past due in your NFCU account page online and may show assessment of late fees.