Support Due To Temporary Hardship
If you’ve experienced a temporary financial hardship and can’t pay your mortgage payment in full or on time, members can explore Mortgage Forbearance with Travis Credit Union. As part of our Awesome Cause, we’re here for you. Explore these frequently asked questions to learn more about Mortgage Forbearance.
What should I know about Mortgage Forbearance?
To request a forbearance on a mortgage means a member is asking to temporarily pause or reduce their monthly mortgage payment due to financial hardship that limits one's ability to make full payments as scheduled. An example of a reason for making this type of request would be a temporary hardship due to loss of income or employment.
How can I benefit from this type of financial relief support?
A forbearance plan can provide members with short-term mortgage payment relief to improve their financial situation.
What should I consider before making a request?
- For a specified amount of time, a member may temporarily suspend or reduce their regular monthly mortgage payment.
- During this period, we may ask a member to provide an update on their financial status.
- Before the end of an approved forbearance term, we will contact the member to discuss options for reinstating the loan and make arrangements to repay the principal and interest not paid during the forbearance term (interest will continue to accrue on the mortgage loan during this time).
- The options available will vary depending on the specifics of each individual situation. We will work with members to determine the best long-term solution based on their financial needs once the forbearance period ends.
- Insurance and taxes that are escrowed will continue to be paid from the escrow account, which could cause a shortage when the account is re-analyzed each year. We will work with members to find repayment arrangements that best fit their financial situation.
Will my credit be affected?
For agreed upon mortgage forbearance requests, we will not report a member as past-due to the consumer reporting agencies.
Quick Read on Mortgage Forbearance
- When a member requests a temporary suspension or reduction of a regular mortgage payment
- This financial relief option supports homeowners who need short-term help due to temporary challenges
- Empowers members to take an active role in the process to reduce the negative impact of income loss on their finances and credit standing.
- Interest will continue to accrue on your mortgage loan during this time
For the latest information available in an ever-changing economic environment, visit: CFPB.
To make a mortgage forbearance request, use our Mortgage Forbearance online form.
Online Request Form
Thank you for your membership.