As the spread of COVID-19 continues, many companies, employees, families and individuals are becoming effected due to the recession of our economy. Many employees are being laid off, jobs are in jeopardy and feelings of stress & anxiety are at an all-time high. Unlike what we experienced in 2008, banks are still up and running and supporting the families and individuals in need of financial assistance.
Given the current economic climate, banks across the nation are helping ease the anxiety of overwhelming mortgage payments. Governor Newsom’s March 25, 2020 Executive Order has secured the support of nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners and consumers. The participating banks are offering various forms of mortgage assistance programs, as well as ones for home equity loans and home equity lines of credit. Below is a list of some of the largest banks in the area who are offering assistance programs:
- Chase: Offering assistance with mortgage payments. You must call (800) 848-9380.
- Citi: Offering various hardship programs for eligible mortgage customers. Call (855) 839-6253 for more information.
- Comercia Bank: Offering loan deferrals on various lending products. Call (888) 444-9876.
- HSBC: Offering financial assistance programs to help with costumers’ mortgage or home equity loan payments who have suffered financial hardship. Call (855) 806-4657 for more information.
- PNC Bank: Offering to postpone payments for up to 90 days with no late fees for customers with mortgages or home equity loans, among other lending products that are eligible.
- Union Bank: Offering assistance with your mortgage or home equity account. Call (800) 237-0561 for more information.
- U.S. Bank: Offering a payment forbearance up to 90 days with no late fees on mortgages for those negatively impacted by the current crisis.
- Wells Fargo: Offering payment deferral plans for customers with mortgages, credit cards, auto loans, small business loans and personal loans who have been impacted by COVID-19.