Meridian Trust is closely monitoring the COVID-19 pandemic and the resulting issues. Our management team is working to ensure we stand ready to meet the needs of borrowers, including loan forbearances due to inability to pay during this time.
There is still a lot of uncertainty remaining including how long the crisis will last. We stand ready to discuss your situation and help in ways that make sense.
Mortgage relief depends on the type of loan you have. Fannie Mae, FHLB, VA, FHA or a portfolio loan have different requirements for forbearance or payment deferral. This distinction can lead to confusion.
Meridian Trust will:
- Work with you during this time.
- Have more options when we receive guidance from regulators and agencies.
- Closely monitor the federal government’s potential actions to ease the burden on borrowers.
If you request a forbearance, be prepared to:
- Provide updated contact and employment information.
- Continue to pay escrows so that future adjustments and payments are less impacted.
- Self-select what you can pay during this time. Keep in mind that any payments made along the way will reduce your future burden to catch-up any loan forbearance.
- Explain any reasons for missed payments.
- Borrowers receiving deferments will sign an acknowledgment that their loan repayment timeline will be modified based on the deferral. The borrower also acknowledges the credit union is not relinquishing any of its rights or future ability to collect on the loan (and several more acknowledgments). A loan deferral will impact your escrow account.