In hopes of bringing a little help to the masses, it appears that the U.S’s 5 biggest banks have agreed to effectively halt foreclosures and mortgages on homes and such. According to heavyweights at JP Morgan Chase; Citibank, Wells Fargo, and Bank of America — each of the named have agreed to do just that.
Bank of America has reportedly pledged to work with customers on a monthly basis to assist them during the duration of the pandemic *not just a short time.* The announcement comes as it was revealed by the Department of Labour that more than 3m US workers filed for unemployment in less than a week’s time. That alone in fact is the highest number ever recorded by the Department or the government in any form.
BANK OF AMERICA
We are asking anyone who has a hardship related to COVID-19, whatever that may be, to reach out to our client services representatives. We are working with clients on a case-by-case basis in a streamlined process.
We also have a special help page, www.bankofamerica.com/coronavirus, that directs people to contacts within the bank.
Bank of America is deferring mortgage payments on a monthly basis until the crisis is over, which could be up to 90 days or longer. That is a national policy, not limited to California. We’ve also agreed to pause all foreclosures, evictions and repossessions.
US BANK
We are continually monitoring the rapidly evolving environment, including the proposed stimulus plans. We currently provide an industry-standard offering which provides for a minimum 90-day forbearance program with no late fees and are committed to working with our customers during these challenging times. If, at the end of the hardship, customers are unable to pay their installments in full, options such as extending the assistance plan, repayment plans, or a loan modification may be available.
Our forbearance program is national. Customers should get in touch with us prior to their payment due date to discuss their situation.
CITI
“Citi announced financial assistance measures on March 6 that closely align with Governor Newsom’s proposal. They include waivers and refunds of fees for Citibank’s U.S. individual and small business customers, hardship programs, and small business support. In addition, Citi’s mortgage sub-servicer Cenlar FSB is offering 90-day forbearance for Citi’s mortgage loans where the borrower is experiencing hardship. In addition, foreclosures and evictions have been paused for 60 days. We will continue to monitor the situation to determine extension or expansion of available assistance to ensure our customers receive the protections they need in these challenging times.”
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