As the COVID-19 pandemic continues to take its toll on the economy, many homeowners are struggling to make their mortgage payments. In response, the government has implemented a mortgage relief program to help ease the financial burden. However, with so much information available, it can be difficult to navigate the various options and provisions. To help clear up any confusion, Mark O’Donovan, CEO of Chase Home Lending, has provided some common questions and answers to guide homeowners through this challenging time.
What’s a mortgage relief program or forbearance?
That means you won’t be expected to make a payment for a period of time. For example, you can start with three months and you won’t be charged a late fee, once you tell us you need help and sign up. We’ll contact you during the three-month period to make sure you’re doing OK, and we won’t report the missed payments that come due during the forbearance period to the credit agencies.
During the COVID-19 pandemic, many homeowners have faced financial difficulties and may have missed mortgage payments. If you’re in this situation, you may be eligible for a mortgage relief program. Before the period ends, we’ll be in touch to discuss when you expect you’ll be able to start paying again and how to handle the missed payments. If you can’t make up the missed payments at the point that you resume making your regular payments, we can likely defer them to the end of the mortgage term.
How do I raise my hand?
At Chase, you can request help without waiting to speak to an agent. Simply start here: www.chase.com/mortgageassistance. You’ll be able to log into your account, fill out a short form, and enroll in the payment assistance program.
You’ll avoid waiting on hold — a process that is lengthier right now given the thousands of customers calling with questions. We will email or send you a letter to confirm that you’re in the program. Don’t worry if you don’t get it immediately. It may take a few days, but the payment delays start right away.
Can I just stop paying without telling the bank?
If you’re struggling to make your mortgage payments due to financial difficulties caused by the COVID-19 pandemic, it’s important to explore your options. One such option is to enroll in a mortgage relief program that can provide you with much-needed relief during these challenging times.
By enrolling in a mortgage relief program, you can access a range of benefits, such as delayed payments, no late fees, and no negative reporting to the credit bureaus for payments due during the forbearance period. These benefits can provide you with the financial breathing room you need to get back on your feet without having to worry about falling further behind on your mortgage payments. So if you’re struggling to make ends meet, consider exploring your options and signing up for a mortgage relief program today.
COVID-19 Mortgage Relief Program – Video
What if I can still pay?
Then you should. Keep making your mortgage payments on time if you can. And know that the program is for customers who are suffering financial hardship resulting from COVID-19, so help is still available if your circumstances change as a result of COVID-19. There are also programs to help customers who suffer financial hardships for other reasons, including natural disasters.
What happens after the payment assistance period ends?
The national payment assistance program was created to provide immediate help to customers navigating this very uncertain time. If you’re still not able to afford your mortgage at the end of the initial three months, you can request delaying payments for additional months at the end of the forbearance period.
Many customers who can resume making their full payment after the assistance period can defer missed payments to the end of the mortgage. We’ll check in with you near the end of the assistance period to help you understand your options. While there is so much uncertainty right now, we want to be here for you to help. Stay safe and healthy.