General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAre banks suspending mortgage/car payments?
in response to the Corona virus?
I'm sure it depends on the bank, but wondering if it's true that the y\y are suspending payments if your job was affected.
Amishman
(5,554 posts)I'm on the IT side, so I don't have direct visibility into those activities
That being said this is my impression.
The vast majority of their business is commercial loans.
They are not doing simple payment extensions, but are very willing to do loan modifications, adding an interest only period, restructuring payments... As long as the collateral is still fully covers the loan with room to spare. If the collateral is at risk, they are pushing for additional collateral.
It is brown trousers time for anyone with commercial real estate exposure right now
KY_EnviroGuy
(14,489 posts)(in jest, but would not surprise me one bit)
I certainly hope that will be forthcoming as I have family that's affected with both home and auto.
They don't say exactly what they will do to help, but this is what's on a Customer Service page on my bank's web site:
PNC also continues to work with those experiencing financial difficulty as a result of coronavirus impacts. Should you, as a PNC customer, encounter hardship as a result of coronavirus, please call us at 1-888-762-2265 (7:00 a.m. to 10:00 p.m. ET Monday Friday; 8:00 a.m. to 5:00 p.m. ET Saturday & Sunday) to discuss your options. PNC offers an array of hardship relief options for which customers may be eligible depending on their product(s) and needs.
We certainly are living in extraordinary times, and we are confident in our team members ability to adapt to these temporary changes seamlessly as we continue to deliver the level of service you deserve as a valued PNC customer. PNC remains well capitalized, with strong liquidity and we are prepared to be here in support of our customers as we navigate through this crisis.
KY........
Sherman A1
(38,958 posts)With the potential to add on to that later. I have not heard a peep from the banks as to their plans to help anyone.
Their silence is deafening.
jimfields33
(15,751 posts)Ive gotten an email from Bank of America, USAA and navy federal saying to call them if I need any assistance with mortgage or other financial assistance.
Sedona
(3,769 posts)on our mortgage. We have to make three mortgage payments on July 1 unless other arrangements have been put in place by then.
I was told by my daughter you have to say:
"I have lost income due to the corona virus emergency"
I called and said just that and it worked.
It was a ten minute phone call.
Hoyt
(54,770 posts)reprieve. And some banks are offering help, as well. Car Payments -- Don't know. But, I bet they'll work something out for awhile. They don't want one's home or car.
"Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. 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. Some banks are suspending mortgage payments. Car Payments -- don
""That forbearance is up to 12 months, depending on their particular situation," says Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.
Homeowners can't just stop paying their mortgage. "They need to contact their servicer that is the lender that they send the check to every month," he says. "That lender will work with them to be able to work out a payment plan. Obviously, we hope to get them back on their feet as soon as possible.""
https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break
"California Gov. Gavin Newsom says four of the nation's largest banks have agreed to temporarily suspend mortgage payments for those affected by the coronavirus.
"Wells Fargo, US Bank, Citi and JP Morgan Chase have all agreed to waive mortgage payments for 90 days, Newsom said. Bank of America has agreed to a 30-day suspension, he said."
https://bakersfieldnow.com/news/local/gov-newsom-4-major-banks-agree-to-90-day-waiver-on-mortgage-payments
superpatriotman
(6,247 posts)That way the rep can inform you of emergency programs and plans in place.
My mortgage company offered me a 3-month forebearance with a review before the end, and Ive waited on hold with Chase for three days now 2-3 hours each day only to be disconnected before speaking to anyone about my car lease.
My attorney says dont pay anything but utilities and insurance. No one will,have their credit affected or have repos, foreclosures, etc.
He is pretty smart.
mnmoderatedem
(3,722 posts)this morning I got the "due to circumstances beyond our control, we are unable to take your call at this time" message
PJMcK
(22,022 posts)That's a good one!
Banks being generous?!
That's a real thigh-slapper!
RobinA
(9,886 posts)I stand. If they did it I would be looking for the catch. I have a car payment and will work through this crisis, so I can and will continue to pay as usual. I can see them suspending payments for 90 days, no late fines, but interest still applies. Or better, no interest if you pay the whole thing back within 30 days of the 90 day grace period, but if you don't, ALL interest applies. No thanks.
Ace Rothstein
(3,150 posts)With the expectation that the payments due during those 3 months will be due at the end of the period. If this is what the solution is then it is useless.