Mortgage lenders and financial institutions offer relief

Some of the nation’s largest mortgage lenders and credit unions are offering assistance programs to clients impacted by the shutdown. Here’s a look at some of them.

Fed Choice Federal Credit Union lists several relief options for mortgage and banking clients online, including short-term, low-interest furlough loans and mortgage refinancing options. Visit the credit union’s website for more information. http://www.fedchoice.org/my-life/furlough-center/

USAA is offering a low-interest, direct deposit loan to members who are active duty Coast Guard and National Oceanic Atmospheric Administration, or NOAA, employees only. Call (800) 531-8722 for assistance.

Navy Federal Credit Union is offering a zero-percent APR loan up to $6,000 during the government shutdown. The assistance is open to federal government employees and active duty members of the Coast Guard whose pay has been disrupted by the shutdown, and have an established direct deposit account.

You can register on Navy Federal’s website, in branches or by phone at (888) 842-6328. Members impacted by the shutdown who don’t meet the eligibility requirements should visit a branch or call to discuss their situation.

Bank of America advises its mortgage clients to call its assistance line at (844) 219-0690 or visit one of its branches to inquire about the Client Assistance Program, says spokesman Lawrence Grayson.

“We’re closely monitoring the situation and will work with clients on a case-by-case basis,” Grayson says. “Relief options may include late fee refunds or waivers, repayment plans or loan modifications.”

Quicken Loans is waiving all late fees for clients who may miss a mortgage payment due to the shutdown. For help call (800) 508-0944 or email Help@QuickenLoans.com. Here’s part of their emailed statement:

“During the government shutdown, just like every day, we are fully prepared to accommodate each clients’ unique situation — especially those that may be dealing with any financial hardship — to help them through a period of uncertainty.”

U.S. Bank says it will assist customers who may be eligible for mortgage relief programs, including loan forbearance and deferred first payment dates for new mortgages. Payment plans may also be available for those who qualify, says spokeswoman Cheryl Leamon. For more information, call the U.S. Bank mortgage customer service line at (800) 365-7772.

Wells Fargo is offering forbearance or other payment assistance programs to its mortgage clients on a case-by-case basis. Call (888) 818-9147 or visit Wells Fargo’s website for more details.

If your loan servicer isn’t on this list, call your lender directly to find out what assistance options are available. Your current loan servicer may not be the lender that closed your loan; home loans are often resold on the secondary mortgage market to other companies after closing. Check your most recent mortgage statement to find the name and contact information of your loan servicer.

Banks are Helping During the Government Shutdown

Banks are in the business of serving their customers, especially when unexpected hardship strikes. Even before the current partial government shutdown took effect, banks across the country were prepared to help those impacted. The assistance offered to customers depending on their individual circumstances includes fee waivers, loan modifications, payment deadline extensions, payroll advances, low-rate and zero-rate loans as well as other accommodations. We applaud banks of all sizes for helping their customers during this challenging period, and encourage federal employees and others in need to reach out to their financial institutions to see what help may be available. Some of the banks offering assistance are listed below.